Published on 11/10/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.1 million jump autocalls on Dow, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Nov. 10 – Morgan Stanley Finance LLC priced $1.1 million of 0% jump securities with autocallable feature due Nov. 4, 2025 linked to the worst 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 guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 15.25% if each index closes at or above 105% of its initial level on an annual observation date.
At maturity, investors will receive par plus 76.25% if both indexes finish above their 105% call threshold levels.
If the worst performing index finishes between 70% of its initial level and 105% of its initial level, 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: | $1,103,000
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| Maturity: | Nov. 4, 2025
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| Coupon: | 0%
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| Price: | Par
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| Call: | Par plus annual premium of 15.25% if both indexes finish above 105% of initial levels on annual call determination date
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| Payout at maturity: | Par plus 76.25% if indexes finish above 105% of initial level; par if worst performer finishes between 70% and 105% of initial level; otherwise, full exposure to decline of worst performer
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| Initial levels: | 1,538.479 for Russell, 11,052.95 for Nasdaq and 26,501.60 for Dow
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| Call levels: | 1,615.403 for Russell, 11,605.598 for Nasdaq and 27,826.68 for Dow; 105% of initial levels
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| Downside thresholds: | 1,076.935 for Russell, 7,737.065 for Nasdaq and 18,551.12 for Dow; 70% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61771EAF5
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