Published on 2/5/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $500,000 inverse knock-out notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Morgan Stanley Finance LLC priced $500,000 of 0% inverse knock-out notes due Feb. 20, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the index finishes at or above its initial level, the payout at maturity will be par.
If the index finishes below its initial level but at or above the 83.9% knock-out level, the payout will be par plus 1% for every 1% index decline. In this case, the return is capped at 16.1%.
If the index finishes below the knock-out level, the payout will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Inverse knock-out notes
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Underlying index: | S&P 500
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Amount: | $500,000
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Maturity: | Feb. 20, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index finishes at or above its initial level, par; if the index finishes below its initial level but at or above the knock-out level, par plus 1% for every 1% index decline; if the index finishes below the knock-out level, par
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Initial level: | 2,706.53
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Knock-out level: | 2,270.779, 83.9% of initial level
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Final level: | Average of index closing levels on five trading days ending Feb. 14, 2020
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Pricing date: | Feb. 1
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Settlement date: | Feb. 6
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1%
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Cusip: | 61768DH81
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