Published on 6/19/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.48 million jump autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, June 19 – Morgan Stanley Finance LLC priced $1.48 million of 0% jump securities with autocallable feature due June 20, 2025 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 11% if each index closes at or above the call threshold on any annual review date. The call threshold is 92% of the initial level for the first three determination dates and 98% of the initial level for the fourth and fifth dates.
The payout at maturity will be par plus 66% if each index finishes at or above its initial level. If the worst performing index declines by no more than 25%, the payout will be par. If the worst performing index finishes below its 75% 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: | $1,477,000
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Maturity: | June 20, 2025
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 11% a year if each index closes at or above initial level on any annual review date
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Payout at maturity: | If each index finishes at or above initial level, par plus 66%; if worst performing index falls by up to 25%, par; otherwise, full exposure to decline of worst performing index
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Initial levels: | 2,891.64 for S&P, 26,106.77 for Dow, 1,535.804 for Russell
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Call thresholds: | 2,660.309 for S&P, 24,018.228 for Dow, 1,412.94 for Russell, 92% of initial levels for first three determination dates; 2,833.807 for S&P, 2,833.807 for Dow, 1,505.088 for Russell, 98% of initial levels for fourth and fifth dates
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Downside thresholds: | 2,168.73 for S&P, 19,580.078 for Dow, 1,151.853 for Russell; 75% of initial levels
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Pricing date: | June 13
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Settlement date: | June 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | None
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Cusip: | 61769HGP4
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