Published on 6/13/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $311,000 autocallable jump notes on three indexes
By Marisa Wong
Morgantown, W.Va., June 13 – Morgan Stanley Finance LLC priced $311,000 of 0% jump securities with autocallable feature due June 3, 2024 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 9% if each index closes at or above 92% of its initial level on any annual review date.
The payout at maturity will be par plus 45% if each index finishes at or above 92% of its initial level. If the worst performing index declines by no more than 30%, the payout will be par. If the worst performing index finishes below its 70% 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: | $311,000
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Maturity: | June 3, 2024
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 9% a year if each index closes at or above 92% of initial level on any annual review date
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Payout at maturity: | If each index finishes at or above 92% of initial level, par plus 45%; if worst performing index falls by up to 30%, par; otherwise, full exposure to decline of worst performing index
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Initial levels: | 2,826.06 for S&P, 25,585.69 for Dow, 1,514.109 for Russell
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Call thresholds: | 2,599.975 for S&P, 23,538.835 for Dow, 1,392.980 for Russell; 92% of initial levels
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Downside thresholds: | 1,978.242 for S&P, 17,909.983 for Dow, 1,059.876 for Russell; 70% of initial levels
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Pricing date: | May 24
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Settlement date: | May 31
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Agent: | Morgan Stanley & Co. LLC
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Fees: | None
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Cusip: | 61768D6Z3
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