Published on 1/6/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million autocallable jump notes on Russell, Dow
By Sarah Lizee
Olympia, Wash., Jan. 6 – Morgan Stanley Finance LLC priced $1 million of 0% jump securities with autocallable feature due Jan. 2, 2025 linked to the worst performing of the Russell 2000 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 automatically called at par plus an annual premium of 9% if each index closes at or above 95% of its initial level on any annual review date.
The payout at maturity will be par plus 45% if each index finishes at or above 95% of its initial level. If the worst performing index declines by no more than 30%, the payout will be par plus 10%. If the worst performing index finishes below its 70% downside threshold level, investors will be fully exposed to the decline of the lesser performing index.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Jump securities with autocallable feature
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Underlying indexes: | Russell 2000 and Dow Jones Industrial Average
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Amount: | $1 million
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Maturity: | Jan. 2, 2025
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Coupon: | 0%
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Price: | Par
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Call: | Automatically at par plus an annual premium of 9% if each index closes at or above 95% of its initial level on any annual review date
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Payout at maturity: | Par plus 45% if each index finishes at or above 95% of its initial level; if the worst performing index declines by no more than 30%, par plus 10%; if the worst performing index finishes below its 70% downside threshold level, fully exposure to the decline of lesser performer
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Initial levels: | 1,669.033 for Russell, 28,645.26 for Dow
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Call thresholds: | 1,585.581 for Russell, 27,212.997 for Dow, 95% of initial levels
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Downside thresholds: | 1,168.323 for Russell, 20,051.682 for Dow, 70% of initial levels
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Pricing date: | Dec. 27
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Settlement date: | Jan. 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.025%
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Cusip: | 61769HY66
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