Published on 7/8/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $550,000 contingent income autocallables linked to indexes
By Sarah Lizee
Olympia, Wash., July 8 – Morgan Stanley Finance LLC priced $550,000 of contingent income autocallable securities due July 3, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 5.25% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that quarter.
Beginning June 29, 2020, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly early redemption determination date.
The payout at maturity will be par unless any index finishes below 60% of its initial level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
|
| Amount: | $550,000
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| Maturity: | July 3, 2024
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| Coupon: | 5.25% per year, payable quarterly if each index closes at or above coupon threshold on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below 60% of its initial level, in which case investors will be exposed to the decline of the least-performing index from its initial level
|
| Call: | Beginning June 29, 2020, automatically at par if each index closes at or above initial level on any quarterly call date
|
| Initial levels: | 1,566.572 for Russell 2000, 7,671.075 for Nasdaq-100 and 26,599.96 for Dow
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| Coupon thresholds: | 1,096.6 for Russell 2000, 5,369.753 for Nasdaq-100 and 18,619.972 for Dow, or 70% of initial levels
|
| Downside thresholds: | 939.943 for Russell 2000, 4,602.645 for Nasdaq-100 and 15,959.976 for Dow, or 60% of initial levels
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4%
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| Cusip: | 61769HJM8
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