Published on 3/12/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.08 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., March 12 – Morgan Stanley Finance LLC priced $2.08 million of 0% jump securities with autocallable feature due March 8, 2023 tied to the worst performing of the 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 11% if each index closes at or above the its call level on any semiannual review date after six months. The call level for each index will be 97.5% of the initial level for the first determination date, stepping down by 2.5% on each determination date.
The payout at maturity will be par plus 33% if each index finishes at or above its call level.
If either index falls by up to 30%, 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
|
| 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 and Russell 2000 index
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| Amount: | $2,081,000
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| Maturity: | March 8, 2023
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 11% if each index closes at or above the its call level on any semiannual review date after six months; call level will be 97.5% of the initial level for the first determination date, stepping down by 2.5% on each determination date
|
| Payout at maturity: | Par plus 33% if each index finishes at or above its call level; if either index falls by up to downside threshold, par; otherwise, investors will be fully exposed to the decline of the least performing index
|
| Initial levels: | 1,486.083 for Russell, 25,917.41 for Dow, 8,594.491 for Nasdaq
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| Downside thresholds: | 1,040.258 for Russell, 18,142.187 for Dow, 6,016.144 for Nasdaq; 70% of initial levels
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| Pricing date: | March 3
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| Settlement date: | March 6
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61770FNC6
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