Published on 3/22/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $29.29 million trigger autocallable notes on Russell, Stoxx
By Marisa Wong
Morgantown, W.Va., March 22 – Morgan Stanley Finance LLC priced $29.29 million of trigger autocallable contingent yield notes due March 21, 2028 linked to the least performing of the Russell 2000 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.
The notes will pay a contingent quarterly coupon at an annual rate of 7.8% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
After one year, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon, if any, unless either index finishes below its 50% downside threshold, in which case investors will lose 1% for each 1% decline of the least-performing index.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $29,287,850
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| Maturity: | March 21, 2028
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| Coupon: | 7.8%, payable each quarter that each index closes at or above coupon barrier on observation date that quarter
|
| Price: | Par of $10
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| Call: | After one year, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
|
| Payout at maturity: | Par plus the contingent coupon, if any, unless either index finishes below its downside threshold, in which case 1% loss for each 1% decline of the least-performing index
|
| Initial index levels: | 1,586.048 for Russell and 3,437.40 for Euro Stoxx
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| Coupon barriers: | 1,110.234 for Russell and 2,406.18 for Euro Stoxx; 70% of initial levels
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| Downside thresholds: | 793.024 for Russell and 1,718.70 for Euro Stoxx; 50% of initial levels
|
| Pricing date: | March 16
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| Settlement date: | March 21
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| Agents: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61768P363
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