Published on 1/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $8.75 million autocallable jump notes on Russell, S&P indexes
By Devika Patel
Knoxville, Tenn., Jan. 2 – Morgan Stanley Finance LLC priced $8.75 million of 0% jump securities with autocallable feature due Dec. 28, 2023 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 will be guaranteed by Morgan Stanley.
Beginning on Dec. 23, 2020, the notes will be automatically called at par plus an annual premium of 8% if each index closes at or above its initial level on any annual review date.
The payout at maturity will be par plus 32% if each index finishes at or above its initial level. If the worst performing index declines by no more than 30%, the payout will be par plus 10%. If the worst performing index finishes below its 70% principal barrier level, investors will be fully exposed to the decline of the lesser performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $8,753,000
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| Maturity: | Dec. 28, 2023
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| Coupon: | 0%
|
| Price: | Par
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| Call: | Beginning on Dec. 23, 2020, automatically at par plus an annual premium of 8% if each index closes at or above its initial level on any annual review date
|
| Payout at maturity: | Par plus 32% if each index finishes at or above its initial level; if the worst performing index declines by no more than 30%, par plus 10%; if the worst performing index finishes below its 70% principal barrier level, fully exposure to the decline of lesser performer
|
| Initial levels: | 1,671.902 for Russell, 3,221.22 for S&P
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| Principal barriers | : | 1,170.331 for Russell, 2,254.854 for S&P, 70% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
|
| Cusip: | 61769HX67
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