Published on 8/8/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $596,000 autocallable jump notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., Aug. 8 – Morgan Stanley Finance LLC priced $596,000 of 0% jump securities with autocallable feature due Aug. 2, 2024 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 9% per year if each index closes at or above its redemption threshold level, 92% of its initial level, on any annual determination date.
If the notes are not called and the final level of each index is at least 92% of its initial level, the payout at maturity will be par plus 45%.
If the final level of any index is less than 92% of its initial level but the final level of each index is greater than or equal to its downside threshold level, 70% of its initial level, the payout will be par.
If the final level of any index is less than its downside threshold level, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| 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: | S&P 500, Dow Jones industrial average and Russell 2000
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| Amount: | $596,000
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| Maturity: | Aug. 2, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called and final level of each index is greater than or equal to 92% of initial level, par plus 45%; if final level of any index is less than 92% of initial level but final level of each index is greater than or equal to downside threshold level, par; if final level of any index is less than downside threshold level, 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | Automatically at par plus 9% per year if each index closes at or above call threshold level on any annual determination date
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| Initial levels: | 3,025.86 for S&P 500, 27,192.45 for Dow and 1,578.967 for Russell 2000
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| Call thresholds: | 2,783.791 for S&P 500, 25,017.054 for Dow and 1,452.650 for Russell 2000, or 92% of initial levels
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| Downside thresholds: | 2,118.102 for S&P 500, 19,034.715 for Dow and 1,105.277 for Russell 2000, or 70% of initial levels
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| Pricing date: | July 26
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| Settlement date: | Aug. 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61769HMA0
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