Published on 3/26/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2 million 10.08% worst-of fixed coupon autocallable RevCons on stocks
By Sarah Lizee
Olympia, Wash., March 26 – Morgan Stanley Finance LLC priced $2 million of 10.08% worst-of fixed coupon autocallable RevCons due Sept. 22, 2021 linked to the worst performing of the shares of Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co. and Goldman Sachs Group, 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 three months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 50% 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
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co. and Goldman Sachs Group, Inc.
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| Amount: | $2 million
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| Maturity: | Sept. 22, 2021
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| Coupon: | 10.08%, payable monthly
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| Price: | Par
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| 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
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| 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 three months
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| Initial share prices: | $40.25 for Citi, $29.63 for Wells, $93.76 for JPMorgan, $158.67 for Goldman
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| Downside thresholds: | $20.125 for Citi, $14.815 for Wells, $46.88 for JPMorgan, $79.335 for Goldman; 50% of initial levels
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| Pricing date: | March 17
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| Settlement date: | March 23
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 3.25%
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| Cusip: | 61770FTR7
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