Published on 3/3/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.35 million autocallable jump securities on three indexes
By Sarah Lizee
Olympia, Wash., March 3 – Morgan Stanley Finance LLC priced $2.35 million of 0% jump securities with autocallable feature due March 2, 2023 tied to the worst performing of the Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 10.5% if each index closes at or above the its call level on any quarterly review date after one year. The call level for each index will be 100% of the initial level.
The payout at maturity will be par plus 31.5% if each index finishes at or above its call level.
If either index falls by up to 30%, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
Morgan Stanley & Co. LLC is the underwriter.
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: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $2,354,000
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Maturity: | March 2, 2023
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Coupon: | 0%
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Price: | Par
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Call: | At par plus an annual premium of 10.5% if each index closes at or above the its call level on any quarterly review date after one year; call level for each index will be 100% of initial level
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Payout at maturity: | Par plus 31.5% if each index finishes at or above its call level; if either index falls by up to downside threshold, par; otherwise, investors will be fully exposed to the decline of the least performing index
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Initial levels: | 8,834.865 for Nasdaq, 27,081.36 for Dow, 1,571.897 for Russell
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Downside thresholds: | 6,184.406 for Nasdaq, 18,956.952 for Dow, 1,100.328 for Russell; 70% of initial levels
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3%
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Cusip: | 61770FGJ9
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