Published on 10/23/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.73 million 7.53% contingent yield trigger autocalls on indexes
By Susanna Moon
Chicago, Oct. 23 – Morgan Stanley Finance LLC priced $2.73 million of trigger autocallable contingent yield notes due Oct. 3, 2028 linked to the worse performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 7.53% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after one year.
The payout at maturity will be par unless either underlying index finishes below its 50% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index.
The notes are guaranteed by Morgan Stanley.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 and Euro Stoxx 50
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| Amount: | $2,725,000
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| Maturity: | Oct. 3, 2028
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| Coupon: | 7.53% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss per 1% decline of worse performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly call date beginning Sept. 30, 2019
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| Initial levels: | 2,913.98 for S&P, 3,399.20 for Stoxx
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| Coupon barriers: | 2,039.79 for S&P, 2,379.44 for Stoxx, 70% of initial levels
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| Downside thresholds: | 1,456.99 for S&P, 1,699.60 for Stoxx, 50% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61768T431
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