Published on 4/10/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.81 million contingent income autocalls tied to Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, April 10 – Morgan Stanley Finance LLC priced $1.81 million of contingent income autocallable securities due March 29, 2028 linked to the least performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.33% if each index closes above 75% of its initial level on a quarterly determination date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any call review date after a year.
The payout at maturity will be par unless either index finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
The guarantor is Morgan Stanley.
Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.
| 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, Euro Stoxx 50
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| Amount: | $1,811,000
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| Maturity: | March 29, 2028
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| Coupon: | 8.33%, payable quarterly if each if each index closes at or above 75% of initial level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worse performing index
|
| Call: | At par if each index closes at or above initial level on any quarterly call date after a year
|
| Initial levels: | 3,316.95 for Stoxx, 1,513.566 for Russell
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| Coupon barriers: | 2,487.713 for Stoxx, 1,135.175 for Russell; 75% of initial levels
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| Downside thresholds: | 1,658.475 for Stoxx, 756.783 for Russell; 50% of initial levels
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| Pricing date: | March 27
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| Settlement date: | March 29
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as a distributor
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| Fees: | 3.5%
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| Cusip: | 61768CL62
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