Published on 10/14/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $952,000 trigger participation securities on Dow, S&P
By Kiku Steinfeld
Chicago, Oct. 14 – Morgan Stanley Finance LLC priced $952,000 of 0% trigger participation securities due Oct. 3, 2025 linked to the lesser performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par plus 1.07 times any gain of the lesser-performing index.
If the lesser-performing index falls by up to 45%, the payout will be par.
Investors will be fully exposed to the losses of the lesser-performing index if it finishes below its 55% trigger level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger participation securities
|
| Underlying indexes: | Dow Jones industrial average, S&P 500
|
| Amount: | $952,000
|
| Maturity: | Oct. 3, 2025
|
| Coupon: | 0%
|
| Price: | Par of $1,000
|
| Payout at maturity: | If lesser-performing index’s return is positive, par plus 1.07 times lesser-performing index’s return; par if lesser-performing index falls but finishes at or above trigger level; full exposure to losses of lesser-performing index if it finishes below trigger level
|
| Initial levels: | 3,363.00 for S&P, 27,781.70 for Dow
|
| Trigger levels: | 1,849.65 for S&P, 15,279.935 for Dow; 55% of initial levels
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.625%
|
| Cusip: | 61771BS21
|
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