Published on 2/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $470,000 jump securities with autocall on Nasdaq, Russell
By Kiku Steinfeld
Chicago, Feb. 8 – Morgan Stanley Finance LLC priced $470,000 of 0% jump securities with autocallable feature due Jan. 31, 2024 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 8.5% if each index closes at or above 95% of its initial level on any semiannual observation date.
At maturity, if the notes have not been called and all indexes finish above 95% of their initial levels, the payout will be par plus 25.5%.
If the final level of either index is less than 95% of its initial level but the final level of each index is greater than or equal to its 70% downside threshold level, the payout will be par. If the worst performing index finishes below its 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 and Nasdaq-100 index
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| Amount: | $470,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 8.5% if each index closes at or above 95% of its initial level on any semiannual observation date
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| Payout at maturity: | Par plus 25.5% if both indexes finish above 95% of initial level; if final level of either index is less than 95% of initial level but final level of each index is greater than or equal to downside threshold level, par; if worst performing index finishes below downside threshold level, full exposure to decline
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| Initial levels: | 13,490.19 for Nasdaq, 2,149.856 for Russell
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| Downside threshold levels: | 9,443.133 for Nasdaq, 1,504.899 for Russell; 70% of initial levels
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| Call thresholds: | 12,815.681 for Nasdaq, 2,042.363 for Russell, 95% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.05%
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| Cusip: | 61771EXK9
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