Published on 4/30/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million contingent income autocalls on three indexes
By Sarah Lizee
Olympia, Wash., April 30 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due April 30, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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 month, the notes will pay a contingent coupon at the rate of 5.5% 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.
Beginning April 27, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will be fully exposed to the return of the least performing index.
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: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: $1 million
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| Maturity: | April 30, 2024
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| Coupon: | 5.5% per year, payable monthly if each index closes at or above barrier level on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will be fully exposed to the return of the least performing index
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| Call: | Beginning April 27, 2020, automatically at par if each index closes at or above initial level on any quarterly determination date
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| Initial index levels: | 1,575.612 for Russell, 7,816.919 for Nasdaq, 26,462.08 for Dow
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| Coupon barrier levels: | 1,102.928 for Russell, 5,471.843 for Nasdaq, 18,523.456 for Dow, 70% of initial levels
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| Downside thresholds: | 945.367 for Russell, 4,690.151 for Nasdaq, 15,877.248 for Dow, 60% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.15%
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| Cusip: | 61768D5N1
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