Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5.16 million dual directional buffered autocalls linked to indexes
By Kiku Steinfeld
Chicago, July 2 – Morgan Stanley Finance LLC priced $5.16 million of 0% dual directional buffered securities with autocallable feature due June 21, 2023 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 2% per year if each index closes at or above its initial level on June 16, 2021 or June 16, 2022.
If the final level of each index is above its initial level, the payout will be par plus the return of the least-performing index.
If the final level of each index is less than or equal to its initial level but the final level of each index is greater than or equal to 65% of its initial level, the payout will be par plus the absolute return of the least-performing index.
Investors will lose 1% for every 1% that the least-performing index declines beyond 35%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered securities with autocallable feature
|
| Underlying indexes: | S&P 500, Nasdaq-100 and Russell 2000
|
| Amount: | $5,159,000
|
| Maturity: | June 21, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes above initial level, par plus return of least-performing index; if final level of each index is less than or equal to initial level but final level of each index is greater than or equal to 65% of initial level, par plus absolute return of least-performing index; 1% loss for every 1% that least-performing index declines beyond 35%
|
| Call: | Par plus 2% per year if each index closes at or above its initial level on June 16, 2021 or June 16, 2022
|
| Initial levels: | 3,124.74 for S&P 500, 1,452.260 for Russell 2000 and 9,949.366 for Nasdaq-100
|
| Downside threshold levels: | 2,031.081 for S&P 500, 943.969 for Russell 2000 and 6,467.088 for Nasdaq-100; 65% of initial levels
|
| Pricing date: | June 16
|
| Settlement date: | June 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.7%
|
| Cusip: | 61771BPC2
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