Published on 7/28/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $503,000 contingent income autocalls on Nasdaq, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, July 28 – Morgan Stanley Finance LLC priced $503,000 of contingent income autocallable securities due July 27, 2023 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 9.5% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date after one year.
The payout at maturity will be par any index finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $503,000
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| Maturity: | July 27, 2023
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| Coupon: | 9.5% per year, payable monthly if each index closes at or above barrier level on determination date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly call determination date after one year
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| Initial levels: | 3,276.02 S&P, 10,870.75 for Nasdaq and 27,005.84 for Dow
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| Coupon barriers/downside thresholds: | 2,457.015 for S&P, 8,153.036 for Nasdaq and 20,254.38 for Dow; 75% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61771BWH3
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