Published on 12/13/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $550,000 buffered jump autocalls on indexes
By Kiku Steinfeld
Chicago, Dec. 14 – Morgan Stanley Finance LLC priced $550,000 of 0% buffered jump securities with autocallable feature due Dec. 5, 2024 linked to the lesser performing of the Nasdaq-100 index, 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 automatically called at par plus 6% per year if each index closes at or above its initial level on any semiannual determination date after one year.
If the notes are not called and the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 24%.
If the final level of each index is greater than or equal to its 65% buffer level, the payout will be par.
Investors will lose 1.5385% for every 1% that the lesser-performing index declines beyond 35%.
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: | Buffered jump securities with autocallable feature
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| Underlying indexes: | Nasdaq-100, S&P 500 and Dow Jones industrial average
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| Amount: | $550,000
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| Maturity: | Dec. 5, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to initial level, par plus 24%; If final level of each index is greater than or equal to buffer level, par; 1.5385% loss for every 1% that least-performing index declines beyond 35%
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| Call: | Automatically at par plus 6% per year if each index closes at or above initial level on any semiannual determination date after one year
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| Initial levels: | 3,624.63 for S&P, 12,268.32 for Nasdaq and 29,638.64 for Dow Jones
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| Buffer levels: | 2,354.060 for S&P, 7,974.408 for Nasdaq and 19,265.116 for Dow Jones, or 65% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771ELC0
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