Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.77 million contingent income autocalls on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced $3.77 million of contingent income autocallable securities due March 3, 2023 linked to the worst performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each underlying index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call determination date after six months.
The payout at maturity will be par plus any coupon unless any index finishes below its 65% threshold level any day during the life of the notes, 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.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying assets: | Dow Jones industrial average, Russell 2000 index
|
| Amount: | $3,771,000
|
| Maturity: | March 3, 2023
|
| Coupon: | 6% annualized, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus any 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
|
| Call: | At par plus coupon if each index closes at or above its initial level any quarterly call determination date after six months
|
| Initial levels: | 1,476.431 for Russell, 25,409.36 for Dow
|
| Coupon barriers: | 1,107.323 for Russell, 19,057.02 for Dow, 75% of initial levels
|
| Threshold levels: | 959.68 for Russell, 16,516.084 for Dow, 65% of initial levels
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 4
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61770FMP8
|
|
|
© 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.
