Published on 4/7/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.45 million autocallable jump securities tied to three indexes
By Sarah Lizee
Olympia, Wash., April 7 – Morgan Stanley Finance LLC priced $1.45 million of 0% jump securities with autocallable feature due April 1, 2025 linked to the worst performing of the S&P 500 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 18% if each index closes at or above 100% of its initial level on any annual call observation date.
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 90%. If the worst performing index declines by no more than 35%, the payout will be par. If the worst performing index finishes below its 65% 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, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1,446,000
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| Maturity: | April 1, 2025
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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 above 100% of initial level on any annual review date
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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 90%; if the worst performing index declines by no more than 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: | 2,541.47 for S&P, 21,636.78 for Dow, 7,588.373 for Nasdaq
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| Downside thresholds: | 1,651.956 for S&P, 14,063.907 for Dow, 4,932.442 for Nasdaq; 65% of initial levels
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| Pricing date: | March 27
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| Settlement date: | April 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61770FUJ3
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