Published on 2/26/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million jump autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 26 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due March 2, 2026 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 10% if each index closes at or above its call level on any of six annual call dates. The call level is 95% of the initial level on the first three call dates, then steps up to 100% of the initial level.
If the notes are not called and the worst-performing index declines by no more than 25%, the payout at maturity will be par. If the worst performing index finishes below its 75% downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC is the underwriter.
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: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $1 million
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Maturity: | March 2, 2026
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 10% a year if each index closes at or above call level on any of six annual call review dates; call level is 95% of the initial level on the first three call dates, then steps up to 100% of the initial level
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Payout at maturity: | If notes are not called and worst performing index falls by up to 25%, par; otherwise, full exposure to decline of worst performing index
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Initial levels: | 3,337.75 for S&P, 1,678.609 for Russell, 28,992.41 for Dow
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Downside thresholds: | 2,503.313 for S&P, 1,258.957 for Russell, 21,744.308 for Dow; 75% of initial levels
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Pricing date: | Feb. 21
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Settlement date: | Feb. 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61770FKH8
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