Published on 7/15/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $534,000 autocallable jump securities on Dow, Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., July 15 – Morgan Stanley Finance LLC priced $534,000 of 0% jump securities with autocallable feature due July 15, 2025 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
After one year, the notes will be called at par plus an annual premium of 15% if each index closes at or above its initial level on any annual observation date.
The payout at maturity will be par plus 75% if each index finishes at or above its initial level. If the worst performing index declines by up to 30%, the payout will be par. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline.
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: | $534,000
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| Maturity: | July 15, 2025
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| Coupon: | 0%
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| Price: | Par
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| Call: | After one year, at par plus an annual premium of 15% if each index closes at or above its initial level on any annual observation date
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| Payout at maturity: | Par plus 75% if each index finishes at or above its initial level; if the worst performing index declines by up to 30%, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline
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| Initial levels: | 10,836.33 for Nasdaq, 26,075.3 for Dow, 1,422.679 for Russell
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| Downside thresholds: | 7,585.431 for Nasdaq, 18,252.71 for Dow, 995.875 for Russell; 70% of initial levels
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| Pricing date: | July 10
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| Settlement date: | July 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61771BTL8
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