Published on 5/2/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.15 million contingent income autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., May 2 – Morgan Stanley Finance LLC priced $3.15 million of contingent income buffered autocallable securities due May 5, 2022 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if each index closes at or above its buffer level, 80% of its initial level, on the determination date for that quarter.
Beginning Oct. 30, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its buffer level, in which case investors will lose 1% for every 1% that the least-performing index declines beyond 20%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
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| Underlying indexes: | Russell 2000, S&P 500 and Dow Jones industrial average
|
| Amount: | $3,152,000
|
| Maturity: | May 5, 2022
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| Coupon: | 7% per year, payable quarterly if each index closes at or above buffer level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below buffer level, in which case 1% loss for every 1% that least-performing index declines beyond 20%
|
| Call: | Beginning Oct. 30, automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial levels: | 1,591.211 for Russell 2000, 2,945.83 for S&P 500 and 26,592.91 for Dow
|
| Buffer levels: | 1,272.969 for Russell 2000, 2,356.664 for S&P 500 and 21,274.328 for Dow, or 80% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.6%
|
| Cusip: | 61768D7K5
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