Published on 4/22/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income autocalls on Dow, S&P
By Sarah Lizee
Olympia, Wash., April 22 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due Oct. 21, 2021 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12.75% per year if each index closes at or above its coupon barrier, 75% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly redemption date after six months.
The payout at maturity will be par unless either index finishes below its downside threshold level, 75% of its initial level, in which case investors will receive par plus the return of the least-performing index.
The notes are guaranteed by Morgan Stanley.
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 autocallable securities
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| Underlying indexes: | S&P 500 index and Dow Jones industrial average
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| Amount: | $250,000
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| Maturity: | Oct. 21, 2021
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| Coupon: | 12.75% per year, payable quarterly if each index closes at or above downside threshold on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below downside threshold level, in which case par plus return of least-performing index
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| Call: | Automatically at par if each index closes at or above initial level on any quarterly redemption date after six months
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| Initial levels: | 2,874.56 for S&P, 24,242.49 for Dow
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| Coupon barriers: | 2,155.92 for S&P, 18,181.868 for Dow, or 75% of initial levels
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| Downside thresholds: | 2,155.92 for S&P, 18,181.868 for Dow, or 75% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61770FZR0
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