Published on 7/1/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $787,000 contingent income autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., July 1 – Morgan Stanley Finance LLC priced $787,000 of contingent income autocallable securities due June 28, 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.
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 threshold level, 70% of its initial level, on the determination date for that month.
Beginning June 25, 2020, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly early redemption determination date.
The payout at maturity will be par unless any index finishes below its downside threshold level, 60% of its initial level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
|
| Amount: | $787,000
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| Maturity: | June 28, 2024
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| Coupon: | 5.5% per year, payable monthly if each index closes at or above coupon threshold on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold, in which case exposure to decline of least-performing index from initial level
|
| Call: | Beginning June 25, 2020, automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial levels: | 1,521.035 for Russell 2000, 7,591.536 for Nasdaq-100 and 26,548.22 for Dow
|
| Coupon thresholds: | 1,064.725 for Russell 2000, 5,314.075 for Nasdaq-100 and 18,583.754 for Dow, or 70% of initial levels
|
| Downside thresholds: | 912.621 for Russell 2000, 4,554.922 for Nasdaq-100 and 15,928.932 for Dow, or 60% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4.075%
|
| Cusip: | 61769HEU5
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