Published on 3/31/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million autocallable jump securities on indexes
By Kiku Steinfeld
Chicago, March 31 – Morgan Stanley Finance LLC priced $1 million of jump securities with autocallable feature due Sept. 25, 2026 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at 12% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Sept. 23, 2022.
At maturity the payout will be par plus 60% if the worst performing underlier finishes at or above its initial level.
The payout will be par if the worst performing index declines but finishes at or above its 70% trigger level, and investors will be fully exposed to the decline of the worst performing index if it finishes below its 70% trigger level.
The notes are guaranteed by Morgan Stanley.
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: | S&P 500 index, Euro Stoxx 50 index and Russell 2000 index
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Amount: | $1 million
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Maturity: | Sept. 25, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 60% if worst performing index finishes at or above its initial level; par if worst performing index declines but finishes at or above its 70% trigger level; otherwise full exposure to decline of worst performing index
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Call: | Automatically at 12% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Sept. 23, 2022
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Initial levels: | 2,218.561 for Russell, 4,395.64 for S&P, 4,150.19 for Euro Stoxx
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Downside thresholds: | 1,552.993 for Russell, 3,076.948 for S&P, 2,905.133 for Euro Stoxx, 70% of initial levels
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Pricing date: | Sept. 22, 2021
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Settlement date: | Sept. 27, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61773FK77
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