Published on 12/10/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $500,000 fixed-income autocallable securities on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 10 – Morgan Stanley Finance LLC priced $500,000 of 8% fixed-income autocallable securities due Dec. 6, 2019 linked to the S&P 500 index and the 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 automatically called at par plus the most recent coupon if each underlying index closes at or above its initial level on any quarterly determination date.
If the notes are not called and each index finishes at or above its initial level or neither index has ever finished below its 70% downside threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-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: | Fixed-income autocallable securities
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| Underlying indexes: | S&P 500 index, Russell 2000
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| Amount: | $500,000
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| Maturity: | Dec. 6, 2019
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above its initial level or either index has never closed below downside threshold; otherwise, investors will lose 1% for each 1% decline of the least-performing index
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| Call: | Automatically at par plus coupon if each underlying closes at or above its initial level on any quarterly determination date
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| Initial levels: | 2,760.17 for S&P, 1,533.266 for Russell
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| Downside thresholds: | 1,932.119 for S&P, 1,073.286 for Russell; 70% of initial level
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61768DPV1
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