Published on 2/21/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.7 million contingent income autocalls on indexes
By Sarah Lizee
Olympia, Wash., Feb. 21 – Morgan Stanley Finance LLC priced $3.7 million of contingent income autocallable securities due Feb. 17, 2022 linked to the worst performing of the Nikkei 225 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.5% if each underlying index closes at or above its 75% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any determination date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| 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: | Nikkei 225 index, Euro Stoxx 50 index and S&P 500 index
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| Amount: | $3.7 million
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| Maturity: | Feb. 17, 2022
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| Coupon: | 6.5% annualized, payable monthly if each index closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any index finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing index
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| Call: | At par plus coupon if each index closes at or above its initial level on any determination date
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| Initial levels: | 23,687.59 for Nikkei, 3,380.16 for S&P, 3,840.97 for Stoxx
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| Coupon barriers: | 17,765.6925 for Nikkei, 2,535.12 for S&P, 2,880.7275 for Stoxx, 75% of initial levels
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| Threshold levels: | 17,765.6925 for Nikkei, 2,535.12 for S&P, 2,880.7275 for Stoxx, 75% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Underwriter: | Morgan Stanley & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 48132H6H0
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