Published on 7/31/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.87 million step-down trigger autocalls on two indexes
By Wendy Van Sickle
Columbus, Ohio, July 31 – Morgan Stanley Finance LLC priced $2.87 million of 0% step-down trigger autocallable notes due July 31, 2025 linked to the S&P 500 index and the S&P MidCap 400 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
After one year, the notes will be automatically called at par of $10 plus 10% per year if each asset closes at or above its initial level on any quarterly observation date, except the final one when the call threshold will be the 75% downside threshold level.
If the notes are not subject to an automatic call, that means the final level of at least one asset will be less than its downside threshold, 75% of its initial level, and investors will be exposed to the decline of the lesser-performing asset from its initial level.
UBS Financial Services Inc. and Morgan Stanley are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | S&P 500 index and S&P MidCap 400 index
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| Amount: | $2,873,000
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| Maturity: | July 31, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | After one year, at par plus 10% per year if each asset closes at or above its initial level on any observation date except the final one, when the call level will be the downside threshold
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| Payout at maturity: | Full exposure to decline of lesser-performing asset from initial level
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| Initial levels: | 1,888.71 for S&P MidCap, 3,258.44 for S&P 500
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| Downside thresholds: | 1,416.53 for S&P MidCap, 2,443.83 for S&P 500, 75% of initial levels
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| Pricing date: | July 29
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| Settlement date: | July 31
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| Agents: | UBS Financial Services Inc. and Morgan Stanley
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| Fees: | 0%
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| Cusip: | 61771C722
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