Published on 4/20/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.55 million 10% contingent yield trigger callables on indexes
By Susanna Moon
Chicago, April 20 – Morgan Stanley Finance LLC priced $4.55 million of trigger callable contingent yield notes due April 16, 2021 linked to the least 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 pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its 70% coupon barrier on each trading day for that quarter.
The notes are callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing index.
The notes are guaranteed by Morgan Stanley.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $4.55 million
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| Maturity: | April 16, 2021
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| Coupon: | 10% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on each trading day during that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss per 1% decline of worst performing index
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| Call option: | At par on each quarterly observation date beginning Oct. 17, 2018
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| Initial levels: | 2,656.30 for S&P, 1,549.509 for Russell and 3,448.00 for Stoxx
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| Coupon barriers: | 1,859.41 for S&P, 1,084.656 for Russell and 2,413.60 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,593.78 for S&P, 929.705 for Russell and 2,068.80 for Stoxx; 60% of initial levels
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| Pricing date: | April 13
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| Settlement date: | April 18
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61768P850
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