Published on 4/3/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income autocalls on three indexes
By Sarah Lizee
Olympia, Wash., April 3 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due July 2, 2020 linked to the least 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 are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 8.15% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any index has ever closed below its 70% downside threshold during the life of the notes, in which case investors will be fully exposed to the return of the least performing index, subject to a maximum payout of par.
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, S&P 500 index and Euro Stoxx 50 index
|
| Amount: | $250,000
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| Maturity: | July 2, 2020
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| Coupon: | 8.15% per year, payable monthly if each index closes at or above barrier level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index has ever closed below its downside threshold during the life of the notes, in which case investors will be fully exposed to the return of the least performing index, subject to a maximum payout of par
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date after six months
|
| Initial index levels: | 1,539.739 for Russell, 2,834.40 for S&P, 3,351.71 for Stoxx
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| Coupon barrier levels: | 1,077.817 for Russell, 1,984.08 for S&P, 2,346.197 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,077.817 for Russell, 1,984.08 for S&P, 2,346.197 for Stoxx; 70% of initial levels
|
| Pricing date: | March 29
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| Settlement date: | April 3
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.625%
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| Cusip: | 61768DX91
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