Published on 12/5/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.78 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., Dec. 5 – Morgan Stanley Finance LLC priced $1.78 million of 0% jump securities with autocallable feature due Dec. 2, 2025 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 12.35% if each index closes at or above the applicable call level on any annual review date. The call level for each index will be equal to 100% of its initial level.
The payout at maturity will be par plus 74.1% if each index finishes at or above its initial level. If the worst performing index declines but by no more than 25%, the payout will be par. If the worst performing index finishes below its 75% downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC is the underwriter.
| 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 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,777,000
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| Maturity: | Dec. 2, 2025
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 12.35% if each index closes at or above the applicable call level on any annual review date; call level for each index will be equal to its initial level
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| Payout at maturity: | Par plus 74.1% if each index finishes at or above its initial level; if the worst performing index declines by up to 25%, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index
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| Initial levels: | 3,110.29 for S&P, 27,875.62 for Dow, 1,588.943 for Russell
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| Downside thresholds: | 2,332.718 for S&P, 20,906.715 for Dow, 1,191.707 for Russell; 75% of initial levels
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61769HQ73
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