Published on 12/16/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $11.45 million jump autocalls on S&P, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Morgan Stanley Finance LLC priced $11.45 million of 0% jump securities with autocallable feature due Dec. 16, 2026 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 5.3% if each index closes at or above its call level, 100% of its initial level, on any quarterly determination date after one year.
If each index finishes at or above its call level, the payout at maturity will be $13.18 per $10 principal amount.
If any index finishes below its call level but no index finishes below its 60% 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 S&P 500 index
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Amount: | $11.45 million
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Maturity: | Dec. 16, 2026
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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, $13.18 per $10 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 5.3% annualized if each index closes at or above initial level on any quarterly determination date after one year
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Initial levels: | 12,375.41 for Nasdaq, 3,663.46 for S&P 1,911.697 for Russell
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Downside thresholds: | 7,425.246 for Nasdaq, 2,198.076 for S&P, 1,147.018 for Russell; 60% of initial levels
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Pricing date: | Dec. 11
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Settlement date: | Dec. 16
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.75%
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Cusip: | 61771G798
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