Published on 7/1/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.85 million trigger step notes linked to S&P MidCap
By Angela McDaniels
Tacoma, Wash., July 1 – Morgan Stanley Finance LLC priced $3.85 million of 0% trigger step securities due June 29, 2023 linked to the S&P MidCap 400 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of 28.51% and the index return. Investors will receive par if the index declines by 25% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 25%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger step securities
|
| Underlying index: | S&P MidCap 400
|
| Amount: | $3,853,600
|
| Maturity: | June 29, 2023
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index return is zero or positive, par plus greater of 28.51% and index return; par if index declines by 25% or less; full exposure to decline from initial level if index declines beyond 25%
|
| Initial level: | 1,901.33
|
| Downside threshold: | 1,426.00, or 75% of initial level
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agents: | Morgan Stanley & Co. LLC and UBS Financial Services Inc.
|
| Fees: | None
|
| Cusip: | 61768Y844
|
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