Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.99 million contingent income callables on S&P, Russell, Stoxx
Chicago, March 30 – Morgan Stanley Finance LLC priced $2.99 million of callable contingent income securities due Sept. 16, 2022 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 22.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
Beginning Sept. 21, the notes will be callable at par on any quarterly redemption date.
If the lowest-performing index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par plus the final coupon, if any. If the lowest-performing index finishes below its downside threshold level, investors will be fully exposed to the decline of the lowest-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
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| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index
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| Amount: | $2,991,000
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| Maturity: | Sept. 16, 2022
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| Coupon: | 22.5% per year, payable quarterly if each index closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; if any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
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| Call option: | Beginning Sept. 21 at par on any quarterly redemption date
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| Initial levels: | 2,711.02 for S&P, 1,210.135 for Russell, 2,586.02 for Stoxx
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| Coupon barriers: | 1,897.714 for S&P, 847.095 for Russell, 1,810.214 for Stoxx; 70% of initial levels
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| Downside threshold levels: | 1,897.714 for S&P, 847.095 for Russell, 1,810.214 for Stoxx; 70% of initial levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.25%
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| Cusip: | 61770FTJ5
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