Published on 8/15/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.5 million contingent income autocallables on ETF, index
By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – Morgan Stanley Finance LLC priced $1.5 million of contingent income autocallable securities due Aug. 12, 2021 linked to the least performing of the iShares MSCI Emerging Markets ETF 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% per year if each asset closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly early redemption determination date.
The payout at maturity will be par unless either asset finishes below its downside threshold level, 70% of its initial level, in which case investors will receive par plus the return of the least-performing asset, subject to a maximum payout of par.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying assets: | iShares MSCI Emerging Markets ETF, Euro Stoxx 50 index
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| Amount: | $1.5 million
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| Maturity: | Aug. 12, 2021
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| Coupon: | 7% per year, payable quarterly if each asset closes at or above downside threshold on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below downside threshold level, in which case par plus return of least-performing asset, subject to maximum payout of par
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| Call: | After six months, automatically at par if each asset closes at or above initial level on any quarterly determination date
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| Initial levels: | 3,375.766 for index, $40.28 for ETF
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| Coupon barriers: | 2,361.766 for index, $28.196 for ETF, or 70% of initial levels
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| Downside thresholds: | 2,361.766 for index, $28.196 for ETF, or 70% of initial levels
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 13
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61769HPT6
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