Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.02 million contingent income autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, June 3 – Morgan Stanley Finance LLC priced $1.02 million of contingent income autocallable securities due June 1, 2029 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 6.9% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after one year.
The payout at maturity will be par plus any coupon due unless any index finishes below its 50% downside threshold level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $1,022,000
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| Maturity: | June 1, 2029
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| Coupon: | 6.9% per year, payable quarterly if each index closes at or above 70% coupon threshold level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date after one year
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| Initial levels: | 1,504.019 for Russell 2000, 2,802.39 for S&P and 3,348.86 for Stoxx
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| Coupon threshold levels: | 1,052.813 for Russell 2000, 1,961.673 for S&P and 2,344.202 for Stoxx, or 70% of initial levels
|
| Downside threshold levels: | 1752.01 for Russell 2000, 1,401.195 for S&P and 1,674.43 for Stoxx, or 50% of initial levels
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| Pricing date: | May 28
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| Settlement date: | May 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4%
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| Cusip: | 61769HAZ8
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