Published on 8/19/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $312,000 contingent income autocallables linked to indexes
By Sarah Lizee
Olympia, Wash., Aug. 19 – Morgan Stanley Finance LLC priced $312,000 of contingent income autocallable securities due Feb. 19, 2021 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 month, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that month.
After six months, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly early redemption determination date.
The payout at maturity will be par unless any index ever closes below 70% of its initial level on any day during the life of the notes, 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
|
| Amount: | $312,000
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| Maturity: | Feb. 19, 2021
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| Coupon: | 8% per year, payable monthly if each index closes at or above downside threshold on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index ever closes below 70% of its initial level on any day during the life of the notes, in which case investors will receive par plus the return of the least-performing index subject to a maximum payout of par
|
| Call: | After six months, automatically at par if each index closes at or above initial level on any monthly determination date
|
| Initial levels: | 1,461.648 for Russell 2000, 7,484.888 for Nasdaq-100 and 25,579.39 for Dow
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| Coupon barriers: | 1,023.154 for Russell 2000, 5,239.422 for Nasdaq-100 and 17,905.573 for Dow, or 70% of initial levels
|
| Downside thresholds: | 1,023.154 for Russell 2000, 5,239.422 for Nasdaq-100 and 17,905.573 for Dow, or 70% of initial levels
|
| Pricing date: | Aug. 15
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| Settlement date: | Aug. 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.125%
|
| Cusip: | 61769HPP4
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