Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.64 million autocallable jump securities tied to three indexes
By Sarah Lizee
Olympia, Wash., April 8 – Morgan Stanley Finance LLC priced $2.64 million of 0% jump securities with autocallable feature due April 7, 2026 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 11.5% if each index closes at or above 85% 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 call level, the payout at maturity will be par plus 69%. If either index finishes below its call level but no index declines by more than 25%, the payout will be par. If the worst performing index finishes below its 75% downside threshold level, investors will be fully exposed to the decline.
Morgan Stanley & Co. LLC is the underwriter.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Jump securities with autocallable feature
|
Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
|
Amount: | $2,643,000
|
Maturity: | April 7, 2026
|
Coupon: | 0%
|
Price: | Par
|
Call: | At par plus 11.5% a year if each index closes at or above call level on any annual review date
|
Payout at maturity: | If the notes have not been called and each index finishes at or above its call level, par plus 69%; if either index finishes below its call level but neither index declines by more than 25%, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index
|
Initial levels: | 2,626.65 for S&P, 22,327.48 for Dow, 1,158.317 for Russell
|
Call levels: | 2,232.653 for S&P, 18,978.358 for Dow, 984.569 for Russell; 85% of initial levels
|
Downside thresholds: | 1,969.988 for S&P, 16,745.61 for Dow, 868.738 for Russell; 75% of initial levels
|
Pricing date: | March 30
|
Settlement date: | April 6
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | None
|
Cusip: | 61770FRS7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.