Published on 5/18/2017 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.35 million contingent income autocallables on three indexes
By Susanna Moon
Chicago, May 18 – Morgan Stanley Finance LLC priced $4.35 million of contingent income autocallable securities due May 18, 2020 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the Swiss Market index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 4.35% if each index closes at or above its 65% threshold on an observation date for that quarter along with that of any previous quarter for which no coupon was paid.
The notes will be called at par if each index closes at or above its initial level on a quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
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: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500, Swiss Market, Euro Stoxx 50
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| Amount: | $1,265,000
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| Maturity: | May 18, 2020
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| Coupon: | 4.35%, payable quarterly if each index closes at or above 65% threshold on observation date for that quarter and for any previous quarter for which no coupon was paid
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below 65% threshold, in which case full exposure to any losses of the worst performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly determination date beginning Nov. 13, 2017
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| Initial levels: | 2,394.44 for S&P, 9,064.88 for Swiss Market, 3,623.55 for Stoxx
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| Thresholds: | 1,556.386 for S&P, 5,892.172 for Swiss Market, 2,355.308 for Stoxx; 65% of initial levels
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| Pricing date: | May 12
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| Settlement date: | May 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61768CJN8
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