Published on 8/13/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $390,000 fixed-income autocalls on Dow, S&P
By Sarah Lizee
Olympia, Wash., Aug. 13 – Morgan Stanley Finance LLC priced $390,000 of 4% fixed-income autocallable securities due Nov. 4, 2021 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each underlying index closes at or above its initial level on any monthly determination date after three months.
The payout at maturity will be par unless either index finishes below its 60% downside threshold level, in which case the payout will be par plus the return of the lesser performing index with full exposure to any losses.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed-income autocallable securities
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| Underlying indexes: | S&P 500, Dow Jones industrial average
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| Amount: | $390,000
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| Maturity: | Nov. 4, 2021
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| Coupon: | 4%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its downside threshold level, in which case the payout will be par plus the return of the lesser performing index with full exposure to any losses
|
| Call: | Automatically at par plus coupon if each underlying closes at or above its initial level on any monthly determination date after three months
|
| Initial levels: | 26,428.32 for Dow, 3,271.12 for S&P
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| Downside thresholds: | 15,856.992 for Dow, 1,962.672 for S&P; 60% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61771BUL6
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