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Published on 4/23/2020 in the Prospect News Structured Products Daily.

New Issue: Morgan Stanley sells $2.52 million trigger autocallable contingent yield notes on Procter & Gamble

By Sarah Lizee

Olympia, Wash., April 23 – Morgan Stanley Finance LLC priced $2.52 million of trigger autocallable contingent yield notes due April 20, 2023 linked to Procter & Gamble Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will pay a contingent quarterly coupon at an annual rate of 8% if the stock closes at or above its coupon barrier level, 64% of its initial level, on the observation date for that quarter.

The notes will be called at par if the stock closes at or above its initial level on any observation date beginning Oct. 19.

The payout at maturity will be par plus any coupon unless the stock finishes below the 64% downside threshold level, in which case investors will lose 1% for each 1% decline from its initial level.

Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.

Issuer:Morgan Stanley Finance LLC
Guarantor:Morgan Stanley
Issue:Trigger autocallable contingent yield notes
Underlying stock:Procter & Gamble Co.
Amount:$2,519,000
Maturity:Aug. 12, 2021
Coupon:8%, payable quarterly if stock closes at or above coupon barrier level on observation date
Price:Par of $10
Call:At par plus contingent coupon if the stock closes at or above initial level on any observation date after Oct. 19
Payout at maturity:Par plus any coupon unless stock closes below downside threshold level, in which case 1% loss for each 1% decline from initial level
Initial level:$124.69
Coupon barrier:$79.80, 64% of initial level
Downside threshold:$79.80, 64% of initial level
Pricing date:April 17
Settlement date:April 22
Agents:Morgan Stanley & Co. LLC and UBS Financial Services Inc.
Fees:2%
Cusip:61769P388

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