Published on 8/1/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.53 million contingent income autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., Aug. 1 – Morgan Stanley Finance LLC priced $1.53 million of contingent income autocallable securities due July 29, 2021 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 6.5% per year if each index closes at or above its downside threshold level, 70% of its initial level, on the determination date for that month.
Beginning Jan. 27, 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 closes below its downside threshold level on any day during the life of the notes, in which case investors will receive par plus the return of the least-performing index, subject to a maximum payout of par.
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: | $1,534,000
|
| Maturity: | July 29, 2021
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| Coupon: | 6.5% per year, payable monthly if each index closes at or above downside threshold on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index closes below downside threshold level on any day during life of notes, in which case par plus return of least-performing index, subject to maximum payout of par
|
| Call: | Beginning Jan. 27, 2020, automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial levels: | 1,578.967 for Russell 2000, 8,016.953 for Nasdaq-100 and 27,192.45 for Dow
|
| Downside thresholds: | 1,105.277 for Russell 2000, 5,611.867 for Nasdaq-100 and 19,034.715 for Dow, or 70% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
|
| Cusip: | 61769HJF3
|
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