Published on 3/6/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.91 million jump autocalls on S&P, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced $2.91 million of 0% jump securities with autocallable feature due March 7, 2025 linked to the lesser performing of the S&P 500 index, 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 called at par plus an annual call premium of 10% if each index closes at or above its call threshold on any annual determination date. The call level will be 90% of the initial level on the first three determination dates and 98% on the final two dates.
If each index finishes at or above 98% of its initial level, the payout at maturity will be $1,600 per $1,000 principal amount.
If any index falls by more than 2% but none falls below the 75% downside threshold, the payout will be par.
Otherwise, investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $2,914,000
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| Maturity: | March 7, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 98% of initial level, par plus 60%; if any index finishes below 98% of initial level but none finishes below 75% downside threshold, par; otherwise, 1% loss per 1% decline of worst performing index
|
| Call: | At par plus 10% annualized if each index closes at or above call level on any annual determination date; call level will be 90% of initial level on first three determination dates and 98% on final two dates
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| Initial levels: | 2,784.49 for S&P, 1,575.549 for Russell and 25,916.0 for Dow
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| Downside thresholds: | 2,088.368 for S&P, 1,181.662 for Russell and 19,437.0 for Dow, 75% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61768DN76
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