Published on 7/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.31 million contingent income autocalls on Dow, Russell
By Kiku Steinfeld
Chicago, July 6 – Morgan Stanley Finance LLC priced $1.31 million of contingent income autocallable securities due Dec. 30, 2021 linked to the least performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless either index closes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Contingent income autocallable securities
|
Underlying indexes: | Dow Jones industrial average and Russell 2000 index
|
Amount: | $1,312,000
|
Maturity: | Dec. 30, 2021
|
Coupon: | 9% per year, payable monthly if each index closes at or above barrier level on determination date for that period
|
Price: | Par
|
Payout at maturity: | Par unless either index closes below its downside threshold, in which case 1% loss for every 1% that least-performing index declines from its initial level
|
Call: | Automatically at par if each index closes at or above initial level on anyquarterly determination date after six months
|
Initial index levels: | 1,413.315 for Russell, 25,745.60 for Dow
|
Coupon barrier levels: | 989.321 for Russell, 18,021.92 for Dow; 70% of initial levels
|
Downside thresholds: | 989.321 for Russell, 18,021.92 for Dow; 70% of initial levels
|
Pricing date: | June 25
|
Settlement date: | June 30
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | 2.25%
|
Cusip: | 61771BJH8
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.