Published on 12/12/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $332,000 contingent income autocallables linked to indexes
By Sarah Lizee
Olympia, Wash., Dec. 12 – Morgan Stanley Finance LLC priced $332,000 of contingent income autocallable securities due June 1, 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 quarter, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that quarter.
Beginning May 26, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly redemption determination date.
The payout at maturity will be par unless any index closes below its downside threshold level, 70% of its initial level, on any day during the life of the notes, in which case investors will be exposed to the performance 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
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
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| Amount: | $332,000
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| Maturity: | June 1, 2021
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| Coupon: | 9% per year, payable quarterly if each index closes at or above coupon threshold on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its downside threshold level on any day during the life of the notes, in which case investors will be exposed to the performance of the least performing index, subject to a maximum payout of par
|
| Call: | Beginning May 26, 2020, automatically at par if each index closes at or above initial level on any quarterly redemption determination date
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| Initial levels: | 1,624.231 for Russell 2000, 8,385.745 for Nasdaq-100 and 28,121.68 for Dow
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| Coupon thresholds: | 1,136.962 for Russell 2000, 5,870.022 for Nasdaq-100 and 19,685.176 for Dow, or 70% of initial levels
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| Downside thresholds: | 1,136.962 for Russell 2000, 5,870.022 for Nasdaq-100 and 19,685.176 for Dow, or 70% of initial levels
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| Pricing date: | Nov. 26
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| Settlement date: | Dec. 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61769HL94
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