Published on 8/12/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $489,000 contingent income autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – Morgan Stanley Finance LLC priced $489,000 of contingent income autocallable securities due Aug. 12, 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 5.5% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.
After one year, 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 its downside threshold level, 60% of its initial level, in which case investors will receive par plus the return of the least-performing index, subject to a maximum payout of par.
The notes are guaranteed by Morgan Stanley.
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, Nasdaq-100 and Dow Jones industrial average
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| Amount: | $489,000
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| Maturity: | Aug. 12, 2024
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| Coupon: | 5.5% per year, payable quarterly if each index closes at or above downside threshold on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case par plus return of least-performing index, subject to maximum payout of par
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| Call: | After one year, automatically at par if each index closes at or above initial level on any quarterly determination date
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| Initial levels: | 1,500.686 for Russell 2000, 7,551.9 for Nasdaq-100 and 26,007.07 for Dow
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| Coupon barriers: | 1,050.48 for Russell 2000, 5,286.33 for Nasdaq-100 and 18,204.949 for Dow, or 70% of initial levels
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| Downside thresholds: | 900.412 for Russell 2000, 4,531.14 for Nasdaq-100 and 15,604.242 for Dow, or 60% of initial levels
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| Pricing date: | Aug. 7
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| Settlement date: | Aug. 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.025%
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| Cusip: | 61769HQB4
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