Published on 2/20/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.58 million autocallable jump securities on indexes
By Sarah Lizee
Olympia, Wash., Feb. 20 – Morgan Stanley Finance LLC priced $1.58 million of 0% jump securities with autocallable feature due March 12, 2025 linked to the worst performing of the S&P 500 index, Russell 2000 index and Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 7.5% if each index closes at or above 90% of its initial level on any annual review date after one year.
The payout at maturity will be par plus 45% if each index finishes at or above 90% 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.
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, Russell 2000 index and Dow Jones Industrial Average
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Amount: | $1,578,000
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Maturity: | March 12, 2025
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 7.5% a year if each index closes above 90% of initial level on any annual review date after one year
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Payout at maturity: | If each index finishes at or above 90% of above initial level, par plus 45%; if worst performing index falls by up to 30%, par; otherwise, full exposure to loss of worst performing index
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Initial levels: | 1,569.247 for Russell, 2,775.60 for S&P 500 and 25,883.25 for Dow
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Downside thresholds: | 1,098.473 for Russell, 1,942.92 for S&P 500 and 18,118.275 for Dow; 70% of initial levels
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Pricing date: | Feb. 15
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Settlement date: | Feb. 22
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 61768DH24
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