Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million jump autocalls on Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, June 17 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due June 16, 2025 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 11.25% if each index closes at or above its call level, 100% 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 $1,562.50 per $1,000 principal amount.
If any index finishes below its call level but no index finishes below its 70% downside threshold, the payout will be par.
Otherwise, investors will be fully exposed to the losses of the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| 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: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | June 16, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above call level, $1,562.50 per $1,000 principal amount; if any index finishes below call level but no index finishes below downside threshold, par; otherwise, 1% loss per 1% decline of worst performing index
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| Call: | At par plus 11.25% annualized if each index closes at or above initial level on any annual determination date
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| Initial levels: | 1,356.224 for Russell, 9,588.479 Nasdaq and 25,128.17 for Dow
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| Downside thresholds: | 949.357 for Russell, 6,711.935 for Nasdaq and 17,589.719 for Dow, 70% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4%
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| Cusip: | 61771BHK3
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