Published on 6/25/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.11 million autocallable jump notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., June 25 – Morgan Stanley Finance LLC priced $2.11 million 0% jump securities with autocallable feature due June 30, 2025 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 11% per year if each index closes at or above its redemption threshold level on any annual determination date. For each index, the redemption threshold level is 92% of its initial level on the first three determination dates and 98% of its initial level on the fourth and fifth determination dates.
If the notes have not previously been redeemed and the final level of each index is greater than or equal to 98% of its initial level, the payout at maturity will be par plus 66%.
If the final level of any index is less than 98% of its initial level but the final level of each index is greater than or equal to its downside threshold level, 75% of its initial level, the payout will be par.
If the final level of any index is less than its downside threshold level, investors will lose 1% for every 1% that the worst-performing index declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
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, Dow Jones industrial average and Russell 2000
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Amount: | $2,106,000
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Maturity: | June 30, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final level of each index is greater than or equal to 98% of initial level, par plus 66%; if final level of any index is less than 98% of initial level but final level of each index is greater than or equal to downside threshold level, par; if final level of any index is less than downside threshold level, 1% loss for every 1% that worst-performing index declines from its initial level
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Initial levels: | 2,950.46 for S&P 500, 26,719.13 for Dow and 1,549.628 for Russell 2000
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Redemption thresholds: | 92% of initial index levels on June 22, 2020, June 21, 2021 and June 21, 2022 and 98% of initial index levels on June 21, 2023 and June 23, 2025
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Downside thresholds: | 2,212.845 for S&P 500, 20,039.348 for Dow and 1,162.221 for Russell 2000, or 75% of initial levels
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Pricing date: | June 21
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Settlement date: | June 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | None
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Cusip: | 61769HGN9
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