Published on 1/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3 million autocallable jump notes on Russell, Dow
By Devika Patel
Knoxville, Tenn., Jan. 2 – Morgan Stanley Finance LLC priced $3 million of 0% jump securities with autocallable feature due Dec. 26, 2024 linked to the worst performing of 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.
Beginning on Dec. 22, 2020, the notes will be automatically called at par plus an annual premium of 6% if each index closes at or above 95% of its initial level on any annual review date.
The payout at maturity will be par plus 30% if each index finishes at or above 95% of its initial level. If the worst performing index declines by no more than 30%, the payout will be par plus 10%. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline of the lesser performing index.
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 and Dow Jones Industrial Average
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| Amount: | $3 million
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| Maturity: | Dec. 26, 2024
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| Coupon: | 0%
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| Price: | Par
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| Call: | Beginning on Dec. 22, 2020, automatically at par plus an annual premium of 6% if each index closes at or above 95% of its initial level on any annual review date
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| Payout at maturity: | Par plus 30% if each index finishes at or above 95% of its initial level; if the worst performing index declines by no more than 30%, par plus 10%; if the worst performing index finishes below its 70% downside threshold level, fully exposure to the decline of lesser performer
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| Initial levels: | 1,671.902 for Russell, 28,455.09 for Dow
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| Call thresholds: | 1,588.307 for Russell, 27,032.336 for Dow, 95% of initial levels
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| Downside thresholds: | 1,170.331 for Russell, 19,918.563 for Dow, 70% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.104%
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| Cusip: | 61769H3J2
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