Published on 7/22/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.32 million contingent income autocalls on Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., July 22 – Morgan Stanley Finance LLC priced $1.32 million of contingent income autocallable securities due April 26, 2021 linked to the least performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 12.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 70% 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
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
|
| Amount: | $1,315,000
|
| Maturity: | April 26, 2021
|
| Coupon: | 12.25% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index ever closes below its downside threshold, in which case 1% loss for every 1% that least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial index levels: | 10,645.22 for Nasdaq and 1,473.319 for Russell
|
| Coupon barrier levels: | 7,451.654 for Nasdaq and 1,031.323 for Russell; 70% of initial levels
|
| Downside thresholds: | 7,451.654 for Nasdaq and 1,031.323 for Russell; 70% of initial levels
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.6%
|
| Cusip: | 61771BUS1
|
|
|
© 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.
