Published on 3/29/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income buffered autocalls on Hang Seng, S&P
By Sarah Lizee
Olympia, Wash., March 29 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Oct. 5, 2020 linked to the lesser performing of the Hang Seng index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 5.75% per year if each underlier closes at or above its buffer level, 85% of its initial level, on the determination date for that month.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any monthly determination date.
The payout at maturity will be par unless either underlier finishes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 15%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underliers: | Hang Seng index and S&P 500 index
|
| Amount: | $250,000
|
| Maturity: | Oct. 5, 2020
|
| Coupon: | 5.75% per year, payable monthly if each underlier closes at or above buffer level on determination date
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 15%
|
| Call: | After six months, automatically at par if each underlier closes at or above initial level on any monthly determination date
|
| Initial levels: | 28,566.91 for Hang Seng, 2,818.46 for S&P
|
| Buffer levels: | 24,281.874 for Hang Seng, 2,395.691 for S&P; 85% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61768DZ57
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