Published on 2/25/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.11 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., Feb. 25 – Morgan Stanley Finance LLC priced $1.11 million of 0% jump securities with autocallable feature due Feb. 20, 2025 tied to the worst performing of the S&P 500 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 10.15% if each index closes at or above the its call level on any quarterly review date after one year. The call level for each index will be 100% of the initial level.
The payout at maturity will be par plus 50.75% if each index finishes at or above its initial level.
If either index falls by up to 35%, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
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, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,111,000
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Maturity: | Feb. 20, 2025
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Coupon: | 0%
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Price: | Par
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Call: | At par plus an annual premium of 10.15% if each index closes at or above the its call level on any quarterly review date after one year; call level for each index will be 100% of initial level
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Payout at maturity: | Par plus 50.75% if each index finishes at or above its initial level; if either index falls by up to downside threshold, par; otherwise, investors will be fully exposed to the decline of the least performing index
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Initial levels: | 3,380.16 for S&P, 29,398.08 for Dow, 9,623.580 for Nasdaq
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Downside thresholds: | 2,197.104 for S&P, 19,108.752 for Dow, 6,255.327 for Nasdaq; 65% of initial levels
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Pricing date: | Feb. 14
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Settlement date: | Feb. 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.625%
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Cusip: | 61770FLJ3
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