Published on 4/13/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 autocallable jump securities tied to three indexes
By Sarah Lizee
Olympia, Wash., April 13 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due April 5, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 18% if each index closes at or above its initial level on any annual call observation date after one year.
If the notes have not been called and each index finishes at or above its initial level, the payout at maturity will be par plus the return of the worst performing index. If the worst performing index declines by no more than 40%, the payout will be par. If the worst performing index finishes below its 60% downside threshold level, investors will be fully exposed to the decline.
Morgan Stanley & Co. LLC is the underwriter.
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: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $250,000
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Maturity: | April 5, 2023
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 18% a year if each index closes at or above initial level on any annual call observation date after one year
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Payout at maturity: | If the notes have not been called and each index finishes at or above its initial level, par plus the return of the worst performing index; if the worst performing index declines by no more than 40%, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline
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Initial levels: | 2,584.59 for S&P, 21,917.16 for Dow, 1,153.103 for Russell
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Downside thresholds: | 1,550.754 for S&P, 13,150.296 for Dow, 691.862 for Russell; 60% of initial levels
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Pricing date: | March 31
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Settlement date: | April 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.625%
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Cusip: | 61770FSP2
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