Published on 3/17/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., March 17 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due March 11, 2025 tied to the worst performing of the Nasdaq-100 index, Dow Jones industrial average and 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 called at par plus an annual premium of 10.75% if each index closes at or above the its call level on any annual 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 53.75% if each index finishes at or above its call 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: | Nasdaq-100 index, Dow Jones industrial average and S&P 500 index
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| Amount: | $1 million
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| Maturity: | March 11, 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 10.75% if each index closes at or above the its call level on any annual review date after one year; call level for each index will be 100% of the initial level
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| Payout at maturity: | Par plus 53.75% if each index finishes at or above its call 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: | 2,972.37 for S&P, 25,864.78 for Dow, 8,530.337 for Nasdaq
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| Downside thresholds: | 1,932.041 for S&P, 16,812.107 for Dow, 5,544.719 for Nasdaq; 65% of initial levels
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61770FNB8
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