Published on 2/13/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million autocallable jump securities on Russell, Dow
By Sarah Lizee
Olympia, Wash., Feb. 13 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due Feb. 3, 2022 linked to the worse performing of the Russell 2000 index and the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
Starting after one year, the notes will be automatically called at par plus an annual premium of 10% if each index closes at or above 90% of its initial level on any annual review date.
The payout at maturity will be par plus 30% if each index finishes at or above 90% of its initial level.
If the worse performing index declines but by no more than 35%, the payout will be par.
If the worse performing index finishes below its 65% downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC.
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: | Russell 2000 index, Dow Jones Industrial Average
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Amount: | $1 million
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Maturity: | Feb. 3, 2022
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Coupon: | 0%
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Price: | Par
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Call: | Starting on Feb. 3, 2020, automatically at par plus 10% a year if each index closes above 90% of initial level on any annual review date
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Payout at maturity: | If both indexes finish at or above 90% of initial level, par plus 30%; if worse performing index falls by up to 35%, par; otherwise, full exposure to loss of worse performing index
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Initial levels: | 1,499.419 for Russell, 24,999.67 for Dow
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Call thresholds: | 1,349.477 for Russell, 22,499.703 for Dow, 90% of initial levels
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Downside thresholds: | 974.622 for Russell, 16,249.786 for Dow; 65% of initial levels
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Pricing date: | Jan. 31
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Settlement date: | Feb. 5
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61768DXB6
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