Published on 4/13/2017 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.89 million autocallable securities tied to S&P, Stoxx, Dow
By Marisa Wong
Morgantown, W.Va., April 13 – Morgan Stanley Finance LLC priced $3.89 million of 0% autocallable securities due April 3, 2020 linked to the S&P 500 index, the Euro Stoxx 50 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.
After one year, the notes will be automatically called at par plus an annualized redemption premium of 11% if each underlying index closes at or above its initial level on any quarterly determination date.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus 33%.
If any index falls but each index finishes at or above its 65% downside threshold level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Autocallable securities
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index and Dow Jones industrial average
|
| Amount: | $3,885,000
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| Maturity: | April 3, 2020
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 33% if each index finishes at or above its initial level; par if any index falls but each index finishes at or above its 65% downside threshold level; otherwise, investors will lose 1% for each 1% decline of the least-performing index
|
| Call: | Automatically at par plus annualized redemption premium of 11% if each underlying closes at or above its initial level on any quarterly determination date after one year
|
| Initial levels: | 2,362.72 for S&P, 3,500.93 for Stoxx, 20,663.22 for Dow
|
| Downside thresholds: | 1,535.768 for S&P, 2,275.605 for Stoxx, 13,431.093 for Dow; 65% of initial level
|
| Pricing date: | March 31
|
| Settlement date: | April 5
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61766W105
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