Published on 2/19/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $19.16 million trigger autocallable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., Feb. 19 – Morgan Stanley Finance LLC priced $19.16 million of trigger autocallable contingent yield notes due Feb. 20, 2030 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 6.36% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any observation date after one year.
The payout at maturity will be par plus any final coupon due unless any index finishes below the 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $19,156,100
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| Maturity: | Feb. 20, 2030
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| Coupon: | 6.36%, payable quarterly if each index closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
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| Call: | At par plus coupon if each index closes at or above initial level on any observation date after one year
|
| Payout at maturity: | Par plus any final coupon due unless any index closes below downside threshold level, in which case 1% loss for each 1% decline of worst performing index from initial level
|
| Initial levels: | 3,380.16 for S&P, 1,687.584 for Russell and 3,840.97 for Stoxx
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| Coupon barriers: | 2,366.11 for S&P, 1,181.309 for Russell and 2,688.68 for Stoxx; 70% of initial levels
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| Downside thresholds: | 2,028.10 for S&P, 1,012.550 for Russell and 2,304.58 for Stoxx; 60% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61770G443
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