Published on 12/6/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $11.9 million trigger autocallable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., Dec. 6 – Morgan Stanley Finance LLC priced $11.9 million of trigger autocallable contingent yield notes due Nov. 29, 2029 linked to 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 are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 9.02% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any observation date after one year.
The payout at maturity will be par plus the final coupon unless either index finishes below the 80% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
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 autocallable 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: | $11,895,000
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Maturity: | Nov. 29, 2029
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Coupon: | 9.02%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date after one year
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Payout at maturity: | Par plus final coupon unless either index closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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Initial levels: | 3,133.64 for S&P, 1,621.904 for Russell, 3,707.68 for Stoxx
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Coupon barriers: | 2,350.23 for S&P, 1,216.428 for Russell, 2,780.76 for Stoxx, 75% of initial levels
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Downside thresholds: | 2,350.23 for S&P, 1,216.428 for Russell, 2,780.76 for Stoxx, 75% of initial levels
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Pricing date: | Nov. 25
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Settlement date: | Aug. 12
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Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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Fees: | 3.5%
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Cusip: | 61769Q659
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