Published on 12/13/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million autocallable jump securities on Russell, Dow, S&P
By Kiku Steinfeld
Chicago, Dec. 14 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due Dec. 4, 2025 linked to the worst performing of the Russell 2000 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 guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 11.5% if each index closes at or above its call threshold level, 100% of its initial level, on any quarterly observation date after one year.
At maturity, if the notes have not been called and all indexes finish at or above their call threshold levels, the payout will be par plus 57.5%.
If any index finishes below its call level but no index finishes below its 70% downside threshold, the payout will be par.
Otherwise, investors will be fully exposed to the losses 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
|
| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
|
| Amount: | $1,000,000
|
| Maturity: | Dec. 4, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus an annual premium of 11.5% if each index closes at or above its call threshold on any quarterly observation date after one year
|
| Payout at maturity: | Par plus 57.5% if all indexes finish at or above their call threshold level; if worst performing index finishes below its call threshold level but at or above its downside threshold level, par; otherwise, exposure to decline of worst performer
|
| Initial levels: | 3,621.63 for S&P, 29,638.64 for Dow and 1,819.816 for Russell
|
| Call thresholds: | 3,621.63 for S&P, 29,638.64 for Dow and 1,819.816 for Russell; 100% of initial level
|
| Downside thresholds: | 2,535.141 for S&P, 20,747.048 for Dow and 1,273.871 for Russell; 70% of initial levels
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61771EPH5
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
