Published on 8/31/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $568,000 jump autocalls on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – Morgan Stanley Finance LLC priced $568,000 of 0% jump securities with autocallable feature due Aug. 31, 2022 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 10% a year if each index closes at or above its initial level on any annual redemption date.
If the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 2 times the return of the least performing index.
If the final level of any index is less than its initial level but the final level of each index is greater than or equal to its threshold level, 70% of its initial level, the payout will be par.
If the final level of any index is less than its threshold level, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
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: | Nasdaq-100, S&P 500 and Russell 2000
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| Amount: | $568,000
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| Maturity: | Aug. 31, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to its initial level, par plus 2 times return of least performing index; if final level of either index is less than its initial level but final level of each index is greater than or equal to its threshold level, par; otherwise, 1% loss for every 1% that least-performing index declines from initial level
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| Call: | Automatically at par plus 10% a year if each index closes at or above initial level on any annual redemption date
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| Initial levels: | 11,971.94 for Nasdaq, 3,478.73 for S&P and 1,560.193 for Russell 2000
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| Downside thresholds: | 8,380.358 for Nasdaq, 2,435.111 for S&P and 1,092.135 for Russell 2000, or 70% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 61771BYG3
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