Published on 7/9/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $573,000 contingent income autocallables linked to stocks
By Sarah Lizee
Olympia, Wash., July 9 – Morgan Stanley Finance LLC priced $573,000 of contingent income autocallable securities due July 9, 2024 linked to the least performing of the common stocks of Netflix, Inc., Macy’s, Inc. and United Continental Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 23% per year if each stock closes at or above its coupon threshold, 60% of its initial share price, on the determination date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any monthly determination date after three months.
The payout at maturity will be par unless any stock finishes below its downside threshold, 50% of its initial price, in which case investors will be exposed to the decline of the least-performing stock from its initial share price.
The notes are guaranteed by Morgan Stanley.
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 stocks: | Netflix, Inc., Macy’s, Inc. and United Continental Holdings, Inc.
|
| Amount: | $573,000
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| Maturity: | July 9, 2024
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| Coupon: | 23% per year, payable monthly if each stock closes at or above coupon threshold on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below downside threshold, in which case exposure to decline of least-performing stock from initial share price
|
| Call: | Automatically at par if each stock closes at or above initial share price on any monthly determination date after three months
|
| Initial share prices: | $381.72 for Netflix, $21.27 for Macy’s, $90.67 for United
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| Coupon thresholds: | $229.032 for Netflix, $12.762 for Macy’s, $54.402 for United; 60% of initial share prices
|
| Downside thresholds: | $190.86 for Netflix, $10.635 for Macy’s, $45.335 for United; 50% of initial share prices
|
| Pricing date: | July 3
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| Settlement date: | July 9
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
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| Cusip: | 61769HHS7
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