Published on 9/13/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.03 million contingent income autocalls on indexes
By Sarah Lizee
Olympia, Wash., Sept. 13 – Morgan Stanley Finance LLC priced $2.03 million of contingent income autocallable securities due Sept. 11, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier, 60% of its initial level, on the determination date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly early redemption determination date.
The payout at maturity will be par unless any index ever closes below its downside threshold, 60% of its initial level, on any day during the life of the notes, in which case investors will receive par plus the return of the least-performing index, subject to a maximum payout of par.
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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Underlying indexes: | Russell 2000, S&P 500 and Dow Jones industrial average
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Amount: | $2,033,000
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Maturity: | Sept. 11, 2024
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Coupon: | 7% per year, payable quarterly if each index closes at or above coupon barrier on determination date for that quarterly
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Price: | Par
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Payout at maturity: | Par unless any index ever closes below its downside threshold on any day during the life of the notes, in which case investors will receive par plus the return of the least-performing index, subject to a maximum payout of par
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Call: | After six months, automatically at par if each index closes at or above initial level on any quarterly call determination date
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Initial levels: | 1,505.168 for Russell 2000, 26,797.46 for Dow and 2,978.71 for S&P
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Coupon barriers: | 903.101 for Russell 2000, 16,078.476 for Dow and 1,787.226 for S&P, or 60% of initial levels
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Downside thresholds: | 903.101 for Russell 2000, 16,078.476 for Dow and 1,787.226 for S&P, or 60% of initial levels
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Pricing date: | Sept. 6
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Settlement date: | Sept. 11
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61769HSW6
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