Published on 8/19/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.11 million contingent income autocalls on indexes, ETF
By Sarah Lizee
Olympia, Wash., Aug. 19 – Morgan Stanley Finance LLC priced $1.11 million of contingent income autocallable securities due Feb. 19, 2021 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its downside threshold level, 70% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8.75%.
The notes will be called at par plus the contingent coupon if each underlier close at or above the initial share price on any quarterly determination date other than the final determination date.
If each underlier closes at or above its downside threshold level on every trading day during the life of the notes, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the lesser performing index, subject to a maximum payout of par.
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
|
| Underliers: | Russell 2000 index, Nasdaq-100 index and iShares MSCI Emerging Markets ETF
|
| Amount: | $1,105,000
|
| Maturity: | Feb. 19, 2021
|
| Coupon: | 8.75% per year, payable quarterly if each underlier closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each underlier closes at or above its downside threshold level on every trading day during the life of the notes, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the lesser performing index, subject to a maximum payout of par
|
| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date other than final determination date
|
| Initial levels: | 1,467.522 for Russell 2000, 7,490.130 for Nasdaq-100 and $38.74 for ETF
|
| Downside thresholds: | 1,027.265 for Russell 2000, 5,243.091 for Nasdaq-100 and $27.118 for ETF, or 70% of initial levels
|
| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.375%
|
| Cusip: | 61769HQM0
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