Published on 8/22/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $16.04 million 10% contingent yield trigger autocalls on indexes
By Susanna Moon
Chicago, Aug. 22 – Morgan Stanley Finance LLC priced $16.04 million of trigger autocallable contingent yield notes due Aug. 18, 2028 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after one year.
The payout at maturity will be par unless any underlying index finishes below its 75% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing index.
The notes are guaranteed by Morgan Stanley.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $16.04 million
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| Maturity: | Aug. 18, 2028
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| Coupon: | 10% annualized, payable quarterly if each index closes at or above its 75% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, 1% loss per 1% decline of worst performing index
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| Call : | At par if each index closes at or above its initial level on any quarterly call date beginning Aug. 15, 2019
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| Initial levels: | 2,818.37 for S&P, 1,670.666 for Russell, 3,359.08 for Stoxx
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| Downside thresholds: | 2,113.78 for S&P, 1,253 for Russell, 2,519.31 for Stoxx, 75% of initial levels
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 20
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61768R666
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