Published on 12/10/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.17 million contingent income autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 10 – Morgan Stanley Finance LLC priced $1.17 million of contingent income autocallable securities due Dec. 1, 2021 linked to the worst performing of the S&P 500 index, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes pay a contingent quarterly coupon at an annual rate of 13% if the shares of all indexes close at or above their 75% downside threshold levels on the observation date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date other than the final one.
The payout at maturity will be par plus any coupons due unless any index finishes below its 75% downside threshold level, in which case investors will lose 1% for each 1% decline from the initial level for the worst performer.
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: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $1,167,000
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| Maturity: | Dec. 1, 2021
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| Coupon: | 13% per year, payable quarterly if least-performing index closes at or above 75% coupon barrier on observation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par of $10
|
| Payout at maturity: | If least-performing index’s final level is greater than or equal to downside threshold level, par plus any coupon due; otherwise, 1% loss for every 1% that least-performing index’s final level is less than initial level
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly determination date other than the final one
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| Initial levels: | 3,577.59 for S&P, 11,905.94 for Nasdaq and 1,818.297for Russell
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| Downside thresholds: | 2,683.193 for S&P, 8,929.455 for Nasdaq and 1,363.723 for Russell, 75% of initial level
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61771ENH7
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