Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.1 million autocallable jump securities on four indexes
By Sarah Lizee
Olympia, Wash., March 31 – Morgan Stanley Finance LLC priced $1.1 million of 0% jump securities with autocallable feature due March 27, 2025 tied to the worst performing of the S&P 500 index, Nasdaq-100 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 28% if each index closes at or above its call level on any semiannual review date after one year. The call level for each index will be 100% of the initial level.
The payout at maturity will be $2,400 per $1,000 principal amount of notes if each index finishes at or above its call level.
If either index declines but each index finishes at or above its downside threshold level, 60% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing 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: | Nasdaq-100 index, Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $1.1 million
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| Maturity: | March 27, 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 28% if each index closes at or above its call level on any semiannual review date after one year; call level for each index will be 100% of the initial level
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| Payout at maturity: | Par plus 140% if each index finishes at or above its call level; if either index falls but each index finishes at or above its downside threshold, par; otherwise, investors will be fully exposed to the decline of the least performing index
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| Initial levels: | 7,006.917 for Nasdaq, 18,591.93 for Dow, 1,002.417 for Russell, 2,237.40 for S&P
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| Downside thresholds: | 4,204.150 for Nasdaq, 11,155.158 for Dow, 601.450 for Russell, 1,342.44 for S&P; 60% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61770FVZ6
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