Published on 11/20/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.98 million jump securities with autocallable feature on indexes
By Taylor Fox
New York, Nov. 20 – Morgan Stanley Finance LLC priced $2.98 million of 0% jump securities with autocallable feature due Nov. 6, 2025 linked to the worst performing of the S&P 500 index, the Nasdaq-100 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 12.55% if each index closes at or above its initial level on a semiannual observation date starting Nov. 3, 2021.
If the notes are not called, meaning the worst performer has finished below its initial level, and the worst performing index declines by up to 30%, the payout will be par. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $2,981,000
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| Maturity: | Nov. 6, 2025
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 12.55% if each index closes at or above its initial level on a semiannual observation date starting after one year
|
| Payout at maturity: | If not called because worst performer has decline from initial level and if it declines by up to 30%, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline
|
| Initial levels: | 26,925.05 for Dow, 11,084.76 for Nasdaq, 3,310.24for S&P
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| Downside thresholds: | 18,847.535 for Dow, 7,759.332 for Nasdaq, 2,317.168 for S&P; 70% of initial levels
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61771EFE3
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