Published on 4/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $348,000 contingent income securities on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, April 2 – Morgan Stanley Finance LLC priced $348,000 of contingent income securities due March 27, 2026 linked to the worst performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent semiannual coupon at an annual rate of 12.5% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The payout at maturity will be par plus any final coupon unless either index finishes below its 75% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income securities
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Underlying indexes: | Russell 2000 and Dow Jones industrial average
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Amount: | $348,000
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Maturity: | March 27, 2026
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Coupon: | 12.5% per year for each six months that both indexes close at or above coupon barrier level on the observation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless either index finishes below its downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from initial level
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Initial levels: | 1,013.89 for Russell, 19,173.98 for Dow
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Coupon barrier levels: | 760.417 for Russell, 14,380.485 for Dow; 75% of initial levels
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Downside thresholds: | 760.417 for Russell, 14,380.485 for Dow; 75% of initial levels
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Pricing date: | March 20
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Settlement date: | March 27
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.25%
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Cusip: | 61770FNN2
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