Published on 4/19/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $451,000 jump autocallables tied to Russell, Dow
By Kiku Steinfeld
Chicago, April 20 – Morgan Stanley Finance LLC priced $451,000 of 0% jump securities with autocallable feature due March 31, 2025 linked to the Russell 2000 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.
The notes will be called at par plus an annualized call premium of 12.5% if each index closes at or above its call level, 95% of its initial level, on any annual determination date.
If each index finishes at or above its call level, the payout at maturity will be $1,625 per $1,000 principal amount.
If the laggard index falls by up to 30%, investors will receive par.
Otherwise, investors will be fully exposed to the losses of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying indexes: | Russell 2000 index, Dow Jones industrial average
|
| Amount: | $451,000
|
| Maturity: | March 31, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus 12.5% annualized if each index closes at or above its call level on any annual determination date
|
| Payout at maturity: | If each index finishes at or above call level, par plus 62.5%; if laggard index falls by up to 30%, par; otherwise, 1% loss per 1% decline of worse performing index
|
| Initial index levels: | 1,180.319 for Russell and 22,552.17 for Dow
|
| Call levels: | 1,121.303 for Russell and 21,424.562 for Dow, 95% of initial levels
|
| Downside thresholds: | 826.223 for Russell 15,786.519 for Dow, 70% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4.2%
|
| Cusip: | 61770FQW9
|
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