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Correction: Morgan Stanley plans contingent income autocallable step-ups on indexes
A story in the Sept. 4 edition of the Prospect News Structured Products Daily incorrectly reported the pricing and settlement dates of an upcoming issue of contingent income autocallable step-up securities linked to the Russell 2000 and Euro Stoxx 50 indexes. Morgan Stanley is the issuer. A corrected version of the story follows:
By Toni Weeks
San Luis Obispo, Calif., Sept. 3 – Morgan Stanley plans to price contingent income autocallable step-up securities due Sept. 28, 2029 linked to the worst performing of the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, 75% of its initial index level, on the determination date for that month. The contingent coupon rate is 7% per year for the first three years, 8% per year for the next three years, 9% for the following three years, 10% for the next three years and 12% for the final three years.
Beginning three years after issuance, the notes will be automatically redeemed at par plus the contingent coupon if both indexes close at or above their initial levels on any quarterly redemption determination date.
If the notes are not called and each index finishes at or above its downside threshold level, 50% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. If either index finishes below its downside threshold level, investors will be fully exposed to the decline of the worst-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
The notes will price Sept. 25 and settle Sept. 30.
The Cusip number is 61761JSX8.
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