Published on 12/17/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $10.17 million autocallable jump notes on Stoxx, Russell
By Kiku Steinfeld
Chicago, Dec. 17 – Morgan Stanley Finance LLC priced $10.17 million of 0% jump securities with autocallable feature due Nov. 20, 2024 linked to the worst performing of the Euro Stoxx 50 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
After six months, the notes will be automatically called at par plus 9% per year if each index closes at or above its call level – 96% of its initial level – on any quarterly determination date.
The payout at maturity will be par plus 45% if each index finishes at or above 96% of its initial level. If the worst performing index declines by no more than 30%, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performing index.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | Euro Stoxx 50 index and Russell 2000 index
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| Amount: | $10,165,000
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| Maturity: | Nov. 20, 2024
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| Coupon: | 0%
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| Price: | Par
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| Call: | After six months, at par plus 9% per year if each index closes at or above applicable call threshold on any quarterly determination date
|
| Payout at maturity: | If each index finishes at or above call threshold level, par plus $1,450 per each $1,000 principal amount of notes; if worst performing index falls by up to 30%, par; otherwise, full exposure to decline of worst-performing index
|
| Initial levels: | 3,711.61 for Stoxx, 1,596.454 for Russell
|
| Call thresholds | 3,563.146 for Stoxx, 1,532.596 for Russell, 96% of initial levels
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| Downside thresholds: | 2,598.127 for Stoxx, 1,117.518 for Russell; 70% of initial levels
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.85%
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| Cusip: | 61769HR31
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