Published on 6/18/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10.2 million autocallable jump notes on indexes
By Marisa Wong
Morgantown, W.Va., June 18 – Morgan Stanley Finance LLC priced $10.2 million of 0% jump securities with autocallable feature due June 19, 2023 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
After one year, the notes will be automatically called at par plus an annual premium of 12.29% if each index closes at or above its initial level on any quarterly review date.
If the notes have not been called and each index finishes at or above its barrier level, 80% of the initial level, the payout at maturity will be par plus 61.45%.
If any index finishes below its barrier level but each index finishes at or above its 60% downside threshold level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the worse performing index.
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: | Euro Stoxx 50 index, S&P 500 index
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| Amount: | $10.2 million
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| Maturity: | June 19, 2023
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| Coupon: | 0%
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| Price: | Par
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| Call: | After one year, automatically at par plus an annual premium of 12.29% if each index closes at or above its initial level on any quarterly review date
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| Payout at maturity: | If each index finishes at or above its barrier level, par plus 61.45%; if any index finishes below its barrier level but each index finishes at or above its downside threshold level, par; otherwise, full exposure to the decline of the worse performing index
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| Initial levels: | 2,782.49 for S&P, 3,527.11 for Stoxx, 1,684.725 for Russell
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| Barrier levels: | 2,225.992 for S&P, 2,821.688 for Stoxx, 1,347.780 for Russell; 80% of initial level
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| Downside thresholds: | 1,669.494 for S&P, 2,116.266 for Stoxx, 1,010.835 for Russell; 60% of initial level
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| Pricing date: | June 14
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| Settlement date: | June 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.76%
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| Cusip: | 61768Q734
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