Published on 4/15/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 jump autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, April 15 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due April 14, 2025 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 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 13.5% if each index closes at or above 95% of its initial level on any call dates.
If the notes have not been previously redeemed and each index finishes at or above its call threshold level, the payout at maturity will be $1,675 for each $1,000 principal amount of notes. If any index finishes below its call threshold level but each index finishes at or above its 60% downside threshold level, investors will receive par. Otherwise, investors will be fully exposed to the decline of the worst performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
|
| Amount: | $250,000
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| Maturity: | April 14, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus 13.5% a year if each index closes at or above 95% of initial level on any annual call review date
|
| Payout at maturity: | If each index finishes at or above call threshold level, $1,675 for each $1,000 principal amount of notes; if any index finishes below call threshold level but each index finishes at or above its downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Initial levels: | 2,789.82 for S&P, 1,246.726 for Russell, 23,719.37 for Dow
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| Call thresholds: | 2,650.329 for S&P, 1,184.390 for Russell, 22,533.402 for Dow; 95% of initial levels
|
| Downside thresholds: | 1,673.892 for S&P, 748.036 for Russell, 14,231.622 for Dow; 60% of initial levels
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| Pricing date: | April 9
|
| Settlement date: | April 14
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61770FJ72
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