Published on 9/3/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million autocallable jump securities on Dow, Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., Sept. 3 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due Sept. 6, 2023 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 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 15.25% if each index closes at or above 95% of its initial level on any semiannual observation date.
The payout at maturity will be par plus 45.75% if each index finishes at or above 95% of its initial level. If the worst performing index declines by more than 5% but only up to 35%, the payout will be par. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline.
Morgan Stanley & Co. LLC is the agent.
| 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: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | Sept. 6, 2023
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 15.25% if each index closes at or above 95% of its initial level on any semiannual observation date
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| Payout at maturity: | Par plus 45.75% if each index finishes at or above 95% of its initial level; if the worst performing index declines by more than 5% but only up to 35%, 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: | 12,110.7 for Nasdaq, 28,430.05 for Dow, 1,561.876 for Russell
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| Downside thresholds: | 8,477.49 for Nasdaq, 19,901.035 for Dow, 1,093.313 for Russell; 70% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61771BXR0
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