Published on 9/12/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.44 million contingent income autocallables on indexes
By Taylor Fox
New York, Sept. 14 – Morgan Stanley Finance LLC sold $2.44 million of contingent income autocallable securities due Sept. 2, 2021 tied to the lesser performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 6.2% per year if each index closes at or above its coupon threshold level, 55% of its initial level, on the related determination date.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any monthly redemption determination date after three months.
The payout at maturity will be par plus any coupon unless any index finishes below its 55% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $2,440,000
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| Maturity: | Sept. 2, 2021
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| Coupon: | 6.2% per year, payable each month if each index closes at or above its coupon threshold level on the related determination date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any monthly redemption determination date after three months
|
| Initial levels: | 1,578.343 for Russell, 11,995.85 for Nasdaq, 3,508.01 for S&P
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| Coupon thresholds: | 868.089 for Russell, 6,597.718 for Nasdaq, 1,929.406 for S&P, or 55% of initial levels
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| Downside threshold levels: | 868.089 for Russell, 6,597.718 for Nasdaq, 1,929.406 for S&P, or 55% of initial levels
|
| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
|
| Cusip: | 61771BQ64
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