Published on 11/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $824,000 jump autocalls on Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – Morgan Stanley Finance LLC priced $824,000 of 0% jump securities with autocallable feature due Oct. 30, 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 8.5% 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 $1,425 per $1,000 principal amount.
If any index finishes below its call level but no index finishes below its 65% 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: | $824,000
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Maturity: | Oct. 30, 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, $1,425 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 8.5% annualized if each index closes at or above initial level on any annual determination date
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Initial levels: | 11,598.95 for Nasdaq, 27,463.19 for Dow, 1,590.482 for Russell
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Downside thresholds: | 7,539.318 for Nasdaq, 17,851.074 for Dow, 1,033.813 for Russell, 65% of initial levels
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4.2%
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Cusip: | 61771BY65
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