Published on 12/13/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $947,000 autocallable jump securities on Russell, Nasdaq
By Kiku Steinfeld
Chicago, Dec. 14 – Morgan Stanley Finance LLC priced $947,000 of 0% jump securities with autocallable feature due Dec. 5, 2023 linked to the worst performing of the Russell 2000 index and the Nasdaq-100 index, 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 12% if each index closes at or above its call threshold level, 95% of its initial level, on any semiannual observation date.
At maturity, if the notes have not been called and all indexes finish at or above their call threshold levels, the payout will be par plus 36%.
If the worst performing index finishes below its call threshold level but at or above its downside threshold level, 70% of its initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer.
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 and Nasdaq-100 index
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| Amount: | $947,000
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| Maturity: | Dec. 5, 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 12% if each index closes at or above its call threshold on any semiannual observation date
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| Payout at maturity: | Par plus 36% if all indexes finish at or above their call threshold level; if worst performing index finishes below its call threshold level but at or above its downside threshold level, par; otherwise, exposure to decline of worst performer
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| Initial levels: | 12,268.32 for Nasdaq, 1,819.816 for Russell
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| Call threshold levels: | 11,654.904 for Nasdaq, 1,728.825 for Russell; 95% of initial levels
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| Downside thresholds: | 8,587.824 for Nasdaq, 1,273.871 for Russell; 70% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61771EGZ5
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