Published on 8/5/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $12.54 million fixed-income autocalls on three indexes
By Sarah Lizee
Olympia, Wash., Aug. 5 – Morgan Stanley Finance LLC priced $12.54 million of 11.75% fixed-income autocallable securities due July 1, 2021 linked to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each underlying index closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless either index finishes below its 70% downside threshold level, in which case the payout will be par plus the return of the lesser performing index with full exposure to any losses.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Fixed-income autocallable securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500, Russell 2000
|
| Amount: | $12,539,000
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| Maturity: | July 1, 2021
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| Coupon: | 11.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its downside threshold level, in which case the payout will be par plus the return of the lesser performing index with full exposure to any losses
|
| Call: | Automatically at par plus coupon if each underlying closes at or above its initial level on any quarterly determination date after six months
|
| Initial levels: | 1,480.427 for Russell, 10,905.88 for Nasdaq, 3,271.12 for S&P
|
| Downside thresholds: | 1,036.299 for Russell, 7,634.116 for Nasdaq, 2,289.784 for S&P; 70% of initial levels
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 5
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61771BTH7
|
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