Published on 4/24/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million autocallable jump securities on index, ETF
By Wendy Van Sickle
Columbus, Ohio, April 24 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due April 25, 2023 linked to the worst performing of the Euro Stoxx 50 index and the SPDR S&P Oil & Gas Exploration & Production ETF, 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 16.85% if each asset closes at or above 90% of its initial level on any annual review date.
The payout at maturity will be par plus 67.4% if each asset finishes at or above 90% of its initial level. If the worst performing asset declines by no more than 30%, the payout will be par. If the worst performing asset finishes below its 70% downside threshold level, investors will be fully exposed to the decline of that asset.
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: | Euro Stoxx 50 index and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1 million
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| Maturity: | April 25, 2023
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus 16.85% a year if each asset closes at or above 90% of initial level on any annual review date
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| Payout at maturity: | If each asset finishes at or above 90% of initial level, par plus 67.4%; if worst performing asset falls by up to 30%, par; otherwise, full exposure to decline of worst performing asset
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| Initial levels: | 3,499.23 for Stoxx, $31.81 for ETF
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| Call thresholds: | 3,149.307 for Stoxx, $28.629 for ETF; 90% of initial levels
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| Downside thresholds: | 2,449.461 for Stoxx, $22.267 for ETF; 70% of initial levels
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| Pricing date: | April 18
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| Settlement date: | April 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61768D6M2
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