Published on 11/14/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.9 million 10% worst-of fixed-coupon autocalls on stocks
By Taylor Fox
New York, Nov. 16 – Morgan Stanley Finance LLC priced $1.9 million of 10% worst-of fixed-coupon autocallable RevCons due Oct. 27, 2022 linked to the worst performing of the common stock of American Express Co., and the class A common stocks of Mastercard Inc., Square, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a monthly determination date after six months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 51% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
|
| Underlying stocks: | American Express Co., Mastercard Inc., Square, Inc. and Visa Inc.
|
| Amount: | $1.9 million
|
| Maturity: | Oct. 27, 2022
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
|
| Call: | Automatically at par if each stock closes at or above its redemption threshold level, 100% of initial level, on a monthly determination date after six months
|
| Initial share prices: | $104.79 for American Express, $333.60 for Mastercard, $175.93 for Square and $197.99 for Visa
|
| Downside thresholds: | $53.443 for American Express, $170.136 for Mastercard, $89.724 for Square and $100.975 for Visa; 51% of initial levels
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 27
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2.8%
|
| Cusip: | 61771EDN5
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
