Published on 4/15/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $6.08 million callable contingent income notes linked to indexes
Chicago, April 15 – Morgan Stanley Finance LLC priced $6.08 million of callable contingent income securities due Oct. 6, 2023 linked to the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 13.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
If the lowest-performing index finishes at or above its knock-in level, 60% 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 will be callable at par on any quarterly redemption date starting Oct. 8.
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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $6,077,000
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| Maturity: | Oct. 6, 2023
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| Coupon: | 13.25% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| 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: | At par on any quarterly redemption date starting Oct. 8
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| Initial levels: | 21,052.53 for Dow, 1,052.053 for Russell, 2,488.65 for S&P
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| Coupon barriers: | 14,736.771 for Dow, 736.437 for Russell, 1,742.055 for S&P; 70% of initial levels
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| Downside threshold levels: | 12,631.518 for Dow, 631.232 for Russell, 1,493.19 for S&P; 60% of initial levels
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| Pricing date: | April 3
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| Settlement date: | April 8
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61770FH25
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