Published on 12/12/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $772,000 autocallable jump securities on Russell, S&P
By Kiku Steinfeld
Chicago, Dec. 14 – Morgan Stanley Finance LLC priced $772,000 of 0% jump securities with autocallable feature due Jan. 7, 2026 linked to the worst performing of 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 automatically called at par plus an 11% annualized call premium if each index closes at or above its call threshold level on any semiannual call date. The call threshold level for each index is 95% of its initial level.
If each index finishes at or above its call threshold level, the payout will be par plus 55%. If the worst performing index finishes below its call threshold level but at or above its downside threshold, 75% of its initial level, the payout will be par. If the worst performing index finishes below its downside threshold, investors will be fully exposed to the decline of that index from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | Russell 2000 index and S&P 500 index
|
| Amount: | $772,000
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| Maturity: | Jan. 7, 2026
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| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically at par plus 11% per year if each index closes at or above call threshold level on any semiannual call date
|
| Payout at maturity: | If each index finishes at or above call threshold level, par plus 55%; if worst performing index finishes below call threshold level but at or above downside threshold, par; if worst performing index finishes below downside threshold, full exposure to decline of that index from initial level
|
| Initial levels: | 3,621.63 for S&P, 1,819.816 for Russell
|
| Barrier levels: | 2,716.223 for S&P, 1,364.862 for Russell; 75% of initial levels
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| Call threshold levels: | 3,440.549 for S&P, 1,728.825 for Russell; 95% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771ELS5
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