Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $375,000 contingent income autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, June 3 – Morgan Stanley Finance LLC priced $375,000 of contingent income autocallable securities due Dec. 3, 2020 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 are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 6.75% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that month.
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 plus any coupon due unless any index finishes below its initial level and any index ever closes below its 70% downside threshold level during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $375,000
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| Maturity: | Dec. 3, 2020
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| Coupon: | 6.75% per year, payable monthly if each index closes at or above 70% coupon threshold level on determination date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and any index ever closes below its 70% downside threshold level during the life of the notes, in which case 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date after six months
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| Initial levels: | 1,504.019 for Russell 2000, 2,802.39 for S&P and 3,348.86 for Stoxx
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| Coupon threshold levels: | 1,052.813 for Russell 2000, 1,961.673 for S&P and 2,344.202 for Stoxx, or 70% of initial levels
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| Downside threshold levels: | 1,052.813 for Russell 2000, 1,961.673 for S&P and 2,344.202 for Stoxx, or 70% of initial levels
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| Pricing date: | May 28
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| Settlement date: | May 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.2%
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| Cusip: | 61769HAC9
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