Published on 7/24/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.89 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., July 24 – Morgan Stanley Finance LLC priced $1.89 million of 0% jump securities with autocallable feature due July 26, 2024 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 7.25% if each index closes at or above 92% of its initial level on any annual review date.
The payout at maturity will be par plus 36.25% if each index finishes at or above 92% of its initial level. If the worst performing index declines by no more than 30%, the payout will be par. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC is the underwriter.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Jump securities with autocallable feature
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Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $1,892,000
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Maturity: | July 26, 2024
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 7.25% a year if each index closes at or above 92% of initial level on any annual review date
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Payout at maturity: | If each index finishes at or above 92% of initial level, par plus 36.25%; if worst performing index falls by up to 30%, par; otherwise, full exposure to decline of worst performing index
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Initial levels: | 2,976.61 for S&P, 27,154.20 for Dow, 1,547.896 for Russell
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Call thresholds: | 2,738.481 for S&P, 24,981.864 for Dow, 1,424.064 for Russell; 92% of initial levels
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Downside thresholds: | 2,083.627 for S&P, 19,007.94 for Dow, 1,083.527 for Russell; 70% of initial levels
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Pricing date: | July 19
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Settlement date: | July 26
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 61769HJA4
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