Published on 4/14/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.68 million jump autocalls tied to Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, April 14 – Morgan Stanley Finance LLC priced $4.68 million of 0% jump securities with autocallable feature due April 4, 2025 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 14.85% if each index closes at or above its initial level on any annual determination date.
If each index closes at or above its initial level, the payout at maturity will be $1,742.50 per $1,000 principal amount of notes.
If either index falls by up to its 60% downside threshold, the payout will be par.
Otherwise, investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by Morgan Stanley.
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: | Dow Jones industrial average, S&P 500 index
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| Amount: | $4,676,000
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| Maturity: | April 4, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index gains, par $1,742.50 per $1,000 principal amount of notes; if either index falls by up to 30%, par; otherwise, 1% loss per 1% decline of worse performing index
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| Call: | At par plus 14.85% annualized if each index closes at or above initial level on any annual determination date
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| Initial levels: | 20,943.51 for Dow and 2,470.5 for S&P
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| Trigger levels: | 12,566.106 for Dow and 1,482.3 for S&P, or 60% of initial levels
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| Pricing date: | April 1
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| Settlement date: | April 6
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61770FZX7
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