Published on 11/3/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.51 million worst-of autocallable RevCons on tech stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Morgan Stanley Finance LLC priced $1.51 million of 9% worst-of fixed coupon autocallable RevCons due Nov. 1, 2023 linked to the worst performing of the shares of Amazon.com, Inc., Alphabet, Inc., Netflix, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a quarterly determination date after six months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 60% 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.
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: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Amazon.com, Inc., Alphabet, Inc., Netflix, Inc. and Apple Inc.
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| Amount: | $1,512,000
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| Maturity: | Nov. 1, 2023
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| Coupon: | 9%, payable monthly
|
| 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, exposure to decline of least performing stock
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| Call: | Automatically at par if each stock closes at or above its redemption threshold level on a quarterly determination date after six months
|
| Initial share prices: | $116.60 for Apple, $3,286.33 for Amazon.com, $1,604.26 for Alphabet, $488.93 for Netflix
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| Downside thresholds: | $69.96 for Apple, $1,971.798 for Amazon.com, $962.556 for Alphabet, $293.358 for Netflix; 60% 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: | 3.5%
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| Cusip: | 61771ECX4
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