Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.4 million contingent income autocalls on indexes
By Sarah Lizee
Olympia, Wash., March 6 – Morgan Stanley Finance LLC priced $7.4 million of contingent income autocallable securities due Feb. 28, 2030 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.65% if each underlying index closes at or above its 70% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call determination date after one year.
The payout at maturity will be par plus any coupon unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying assets: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $7,403,000
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| Maturity: | Feb. 28, 2030
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| Coupon: | 6.65% annualized, payable monthly if each index closes at or above coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing index
|
| Call: | At par plus coupon if each index closes at or above its initial level any quarterly call determination date after one year
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| Initial levels: | 1,571.897 for Russell, 3,572.51 for Stoxx, 3,128.21 for S&P
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| Coupon barriers: | 1,100.328 for Russell, 2,500.757 for Stoxx, 2,189.747 for S&P, 70% of initial levels
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| Threshold levels: | 1,100.328 for Russell, 2,500.757 for Stoxx, 2,189.747 for S&P, 70% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 28
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 4.7%
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| Cusip: | 61770FGL4
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