Published on 9/28/2017 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.76 million trigger autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., Sept. 28 – Morgan Stanley Finance LLC priced $3.76 million of trigger autocallable contingent yield notes due Sept. 30, 2027 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.57% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
Beginning Sept. 26, 2018, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its downside threshold, 50% of its initial level, in which case investors will be fully exposed to the decline of the least-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
Issuer: | Morgan Stanley Finance LLC
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Guarantors: | Morgan Stanley
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $3,757,000
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Maturity: | Sept. 30, 2027
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Coupon: | 7.57%, payable quarterly if indexes close at or above coupon barriers on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par unless any index finishes below downside threshold, in which case full exposure to decline of least-performing index
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Call: | Beginning Sept. 26, 2018, automatically at par if indexes close at or above initial levels on any quarterly observation date other than final one
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Initial index levels: | 1,456.863 for Russell 2000, 2,496.84 for S&P 500 and 3,536.38 for Euro Stoxx 50
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Coupon barriers: | 1,019.804 for Russell 2000, 1,747.79 for S&P 500 and 2,475.47 for Euro Stoxx 50; 70% of initial levels
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Downside thresholds: | 728.432 for Russell 2000, 1,248.42 for S&P 500 and 1,768.19 for Euro Stoxx 50; 50% of initial levels
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 61768J417
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