Published on 11/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 trigger jump securities on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger jump securities due Oct. 30, 2026 linked to the least performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its initial level, the payout at maturity will be par plus the greater of the lesser-performing index’s return and 32%.
If the final level of either index is less than its initial level but the final level of each index is greater than or equal to its downside threshold level, 70% of its initial level, the payout will be par.
If the final level of either index is less than its downside threshold level, investors will be fully exposed to the declines of the lesser-performing index.
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: | Trigger jump securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index
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| Amount: | $250,000
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| Maturity: | Oct. 30, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus greater of 32% and lesser-performing index’s return; if either index declines but each index finishes at or above downside threshold, par; otherwise, exposure to decline of lesser-performing index
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| Initial levels: | 3,390.68 for S&P and 27,463.19 for Dow
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| Triggers: | 2,373.476 for S&P and 19,224.233 for Dow, 70% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.35%
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| Cusip: | 61771ECJ5
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