Published on 9/30/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.26 million contingent income autocallables linked to stocks
By Kiku Steinfeld
Chicago, Sept. 30 – Morgan Stanley Finance LLC priced $1.26 million of contingent income autocallable securities due Sept. 1, 2022 linked to the least performing of the common stocks of Bank of America Corp., salesforce.com, inc. and NIKE, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 12.5% per year if each stock closes at or above its downside threshold level, 60% of its initial level, on the related determination date.
Beginning Nov. 27, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly early redemption determination date.
The payout at maturity will be par unless any stock finishes below its downside threshold level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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 stocks: | Bank of America Corp., salesforce.com, inc and NIKE, Inc.
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Amount: | $1,259,000
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Maturity: | Sept. 1, 2022
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Coupon: | 12.5% per year, payable monthly if each stock closes at or above downside threshold on related determination date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below downside threshold, in which case exposure to decline of least-performing stock from initial level
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Call: | Beginning Nov. 27, 2019, automatically at par if each stock closes at or above initial level on any quarterly determination date
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Initial share prices: | $26.47 for Bank of America, $153.57 for salesforce, $82.03 for NIKE
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Downside thresholds: | $15.882 for Bank of America, $92.142 for salesforce, $49.218 for NIKE, 60% of initial share prices
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Pricing date: | Aug. 27
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Settlement date: | Aug. 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.35%
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Cusip: | 61769HQE8
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