Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $55,000 more contingent income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced priced an additional $55,000 of contingent income autocallable securities due March 2, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The company priced an original $15.23 million of the notes on Feb. 26.
The notes will pay a contingent quarterly coupon at an annual rate of 9.15% if each underlying index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
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 assets: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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Amount: | $55,000 add-on
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Initial issue: | $15,229,000
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Total issue size: | $15,284,000
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Maturity: | March 2, 2023
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Coupon: | 9.15% annualized, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus the final coupon unless any index finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing index
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Call: | At par plus coupon if each index closes at or above its initial level any quarterly determination date
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Initial levels: | 1,552.761 for Russell, 3,116.39 for S&P, 8,873.757 for Nasdaq
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Coupon barriers: | 1,164.571 for Russell, 2,337.293 for S&P, 6,655.318 for Nasdaq, 75% of initial levels
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Threshold levels: | 1,164.571 for Russell, 2,337.293 for S&P, 6,655.318 for Nasdaq, 75% of initial levels
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Pricing date: | Feb. 26
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Settlement date: | March 2
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Underwriter: | Morgan Stanley & Co. LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 61770FMY9
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