Published on 7/16/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $8.2 million contingent income autocallables linked to indexes, Dow trust
By Angela McDaniels
Tacoma, Wash., July 16 – Morgan Stanley Finance LLC priced $8.2 million of contingent income autocallable securities due July 15, 2021 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the SPDR Dow Jones Industrial Average ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its downside threshold level, 80% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.95%.
The notes will be called at par of $10 plus the contingent coupon if each underlier close at or above the initial share price on any quarterly determination date other than the final determination date.
If each underlier finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing underlier declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underliers: | Russell 2000 index, Nasdaq-100 index and SPDR Dow Jones Industrial Average ETF trust
|
| Amount: | $8,202,000
|
| Maturity: | July 15, 2021
|
| Coupon: | 9.95% per year, payable quarterly if each underlier closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus final contingent coupon unless any underlier finishes below downside threshold, in which case 1% loss for every 1% that worst-performing underlier declines from initial level
|
| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date other than final determination date
|
| Initial levels: | 1,569.998 for Russell 2000, 7,943.241 for Nasdaq-100 and $273.39 for ETF
|
| Downside thresholds: | 1,255.998 for Russell 2000, 6,354.593 for Nasdaq-100 and $218.712 for ETF, or 80% of initial levels
|
| Pricing date: | July 12
|
| Settlement date: | July 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61769HLH6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
