Published on 4/3/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $309,000 contingent income autocalls on Russell, Dow
By Sarah Lizee
Olympia, Wash., April 3 – Morgan Stanley Finance LLC priced $309,000 of contingent income autocallable securities due April 4, 2024 linked to the least 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.
Each quarter, the notes will pay a contingent coupon at the rate of 5.75% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after one year.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 60% 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: | Russell 2000 index, Dow Jones industrial average
|
| Amount: | $309,000
|
| Maturity: | April 4, 2024
|
| Coupon: | 5.75% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index ever 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 any quarterly determination date after one year
|
| Initial index levels: | 1,539.739 for Russell, 25,928.68 for Dow
|
| Coupon barrier levels: | 923.843 for Russell, 15,557.208 for Dow; 60% of initial levels
|
| Downside thresholds: | 923.843 for Russell, 15,557.208 for Dow; 60% of initial levels
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.025%
|
| Cusip: | 61768DX75
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