Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.63 million stepdown trigger autocallable notes on Russell, S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Morgan Stanley Finance LLC priced $7.63 million of stepdown trigger autocallable notes due Oct. 21, 2025 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 are guaranteed by Morgan Stanley.
The notes will be called at par plus 9% annualized if all three indexes close above their initial levels on any quarterly observation after six months except the final observation date for which the call level will be equal to the 70% downside threshold.
The notes will be called at par plus the 45% final premium of all three indexes close above their initial levels on the final call date.
If any index finishes below its downside threshold, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Stepdown trigger autocallable notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $7,625,000
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| Maturity: | Oct. 21, 2025
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| Coupon: | 0%
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| Price: | Par of $10
|
| Call: | At par plus 9% annualized if all indexes close above initial level on any quarterly observation after six months except the final observation date for which the call level will be equal to the downside threshold
|
| Payout at maturity: | Par plus 45% unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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| Initial levels: | 11,852.17 for Nasdaq, 3,483.81 for S&P, 1,633.808 for Russell
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| Downside thresholds: | 8,296.52 for Nasdaq, 2,438.67 for S&P, 1,143.666 for Russell; 70% of initial levels
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771D837
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