Published on 7/8/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.2 million contingent income autocallables linked to Russell, Euro Stoxx
By Angela McDaniels
Tacoma, Wash., July 8 – Morgan Stanley Finance LLC priced $1.2 million of contingent income autocallable securities due June 28, 2029 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.35% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
Beginning June 26, 2020, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly redemption determination date.
The payout at maturity will be par unless either index finishes below its downside threshold level, 60% of its initial level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $1,195,000
|
| Maturity: | June 28, 2029
|
| Coupon: | 7.35% per year, payable quarterly if each index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below downside threshold level, in which case exposure to decline of lesser-performing index
|
| Call: | Beginning June 26, 2020, automatically at par if each index closes at or above initial level on any quarterly redemption determination date
|
| Initial levels: | 1,517.775 for Russell 2000 and 3,442.95 for Euro Stoxx 50
|
| Coupon barrier levels: | 1,138.331 for Russell 2000 and 2,582.213 for Euro Stoxx 50, or 75% of initial levels
|
| Downside thresholds: | 910.665 for Russell 2000 and 2,065.77 for Euro Stoxx 50, or 60% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | June 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61769HGW9
|
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