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Morgan Stanley eyes contingent income autocalls on Nasdaq, Russell, S&P
By Sarah Lizee
Olympia, Wash., Aug. 18 – Morgan Stanley Finance LLC plans to price contingent income autocallable securities due Aug. 24, 2021 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 12.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any coupon due unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Aug. 19.
The Cusip number is 61771BN59.
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