Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocalls on three indexes
By Sarah Lizee
Olympia, Wash., Dec. 24 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Dec. 11, 2024 linked to the lesser performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 6% per year if each index closes at or above 75% of its initial level on the related observation date.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the coupon unless either index finishes below its downside threshold level, 70% of its initial level, in which case investors will lose 1% for every 1% decline of the lesser-performing index.
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: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | Dec. 11, 2024
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| Coupon: | 6% per year payable quarterly if each index closes at or above 75% of its initial level on any relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless either index finishes below downside threshold level, in which case exposure to losses
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 1,633.837 for Russell, 8,397.367 for Nasdaq, 28,015.06 for Dow
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| Coupon barrier levels: | 1,255.378 for Russell, 6,298.025 for Nasdaq, 21,011.295 for Dow, 75% of initial levels
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| Downside threshold levels: | 1,143.686 for Russell, 5,878.157 for Nasdaq, 19,610.542 for Dow, 70% of initial levels
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| Pricing date: | Dec. 6
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| Settlement date: | Dec. 11
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.025%
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| Cusip: | 61769H3V5
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