Published on 1/11/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $600,000 autocallable jump securities on four indexes
By Kiku Steinfeld
Chicago, Jan. 11 – Morgan Stanley Finance LLC priced $600,000 of 0% jump securities with autocallable feature due Jan. 12, 2026 tied to the worst performing of the S&P 500 index, 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 12.75% if each index closes at or above its call level on any semiannual review date beginning July 7, 2021. The call level for each index will be 100% of the initial level.
The payout at maturity will be $1,637.50 per $1,000 principal amount of notes if each index finishes at or above its initial level.
If either index declines but each index finishes at or above its downside threshold level, 70% of its initial level, 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $600,000
|
| Maturity: | Jan. 12, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus an annual premium of 12.75% if each index closes at or above its call level on any semiannual review date beginning July 7, 2021; call level for each index will be 100% of the initial level
|
| Payout at maturity: | $1,637.50 per $1,000 principal amount of notes if each index finishes at or above its initial level; if either index falls but each index finishes at or above its downside threshold, par; otherwise, investors will be fully exposed to the decline of the least performing index
|
| Initial levels: | 2,096.885 for Russell, 31,041.13 for Dow, 12,939.57 for Nasdaq and 3,803.79 for S&P
|
| Downside thresholds: | 1,467.820 for Russell, 21,728.791 for Dow, 9,057.699 for Nasdaq and 2,662.653 for S&P, 70% of initial levels
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 12
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61771EXC7
|
|
|
|
|
© 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.
