Published on 11/29/2017 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.29 million callable fixed-income notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 29 – Morgan Stanley Finance LLC priced $3.29 million of callable fixed-income securities due May 28, 2020 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a coupon at a rate of 7.3% per year.
After six months, the notes are callable quarterly at par plus the coupon.
If the notes are not called and each index finishes at or above its 75% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Callable fixed-income securities
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $3,285,000
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Maturity: | May 28, 2020
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Coupon: | 7.3% per year, payable quarterly
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | After six months, quarterly at par plus the coupon
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Initial levels: | 1,516.762 for Russell, 2,597.08 for S&P, 3,562.65 for Stoxx
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Barrier levels: | 1,137.572 for Russell, 1,947.81 for S&P and 2,671.99 for Stoxx; 75% of initial levels
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Pricing date: | Nov. 22
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Settlement date: | Nov. 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.5%
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Cusip: | 61768CUS4
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