Published on 10/31/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $806,000 contingent income autocalls on indexes, ETF
Chicago, Oct. 31 – Morgan Stanley Finance LLC priced $806,000 of contingent income autocallable securities due Oct. 23, 2024 linked to the worst performing of the Euro Stoxx 50 index, the Nasdaq-100 index and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its coupon threshold level, 65% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 7.2%.
Starting Oct. 19, 2020, the notes will be called at par plus the contingent coupon if each underlier closes at or above the initial share price on any quarterly determination date other than the final determination date.
If each underlier closes at or above its 55% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the lesser performing index.
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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| Underliers: | Euro Stoxx 50 index, the Nasdaq-100 index and the Energy Select Sector SPDR fund
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| Amount: | $806,000
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| Maturity: | Oct. 23, 2024
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| Coupon: | 7.2% per year, payable quarterly if each underlier closes at or above coupon threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each underlier closes at or above its downside threshold level, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the lesser performing index
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| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date starting Oct. 19, 2020
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| Initial levels: | 3,579.41 for Stoxx, 7,868.491 for Nasdaq-100 and $57.03 for ETF
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| Coupon thresholds: | 2,326.617 for Stoxx, 5,114.519 for Nasdaq-100 and $37.07 for ETF, or 65% of initial levels
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| Downside thresholds: | 1,968.676 for Stoxx, 4,327.670 for Nasdaq-100 and $31.367 for ETF, or 55% of initial levels
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.025%
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| Cusip: | 61769HZF5
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