Morgan Stanley plans contingent income autocalls on indexes, ETF

By Sarah Lizee

Olympia, Wash., Nov. 20 – Morgan Stanley Finance LLC plans to price contingent income autocallable securities due Nov. 26, 2024 linked to the worst performing of the S&P 500 index, the Nasdaq-100 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlier closes at or above its coupon threshold level, 70% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 6.8%.

Starting Nov. 23, 2020, the notes will be called at par plus the contingent coupon if each underlier closes at or above the initial share price on any quarterly determination date other than the final determination date.

If each underlier closes at or above its 55% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the lesser performing index.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Nov. 21.

The Cusip number is 61769HU37.

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