Published on 11/9/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $6 million 14.4% worst-of fixed coupon autocallable RevCons on stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – Morgan Stanley Finance LLC priced $6 million of 14.4% worst-of fixed coupon autocallable RevCons due Oct. 31, 2022 linked to the worst performing of the shares of American Express Co., Walt Disney Co. and Peloton Interactive, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a monthly determination date after six months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | American Express Co., Walt Disney Co. and Peloton Interactive, Inc.
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| Amount: | $6 million
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| Maturity: | Oct. 31, 2022
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| Coupon: | 14.4%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Call: | Automatically at par if each stock closes at or above its redemption threshold level, 100% of initial level, on a monthly determination date after six months
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| Initial share prices: | $96.5857 for American Express, $123.8407 for Disney, $118.9035 for Peloton
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| Downside thresholds: | $48.29285 for American Express, $61.92035 for Disney, $59.45175 for Peloton; 50% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 0.4%
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| Cusip: | 61771EEV6
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