Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.03 million contingent income autocalls on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, May 7 – Morgan Stanley Finance LLC priced $2.03 million of contingent income autocallable securities due May 1, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its coupon threshold level, 70% of its initial level, on a monthly determination date, the notes will pay a contingent payment that period at an annualized rate of 9.5%.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any monthly determination date after three months.
If each underlier finishes at or above its 70% downside threshold level, the payout at maturity will be par plus any final contingent coupon. Otherwise, investors will have full exposure to the performance of the least-performing underlier.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underliers: | Nasdaq-100 index, Russell 2000 index and theiShares MSCI Emerging Markets ETF
|
| Amount: | $2,029,000
|
| Maturity: | May 1, 2024
|
| Coupon: | 9.5% per year, payable monthly if each underlier closes at or above coupon threshold level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon if due; otherwise, investors will have full exposure to the performance of the least-performing underlier
|
| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any monthly determination date after three months
|
| Initial levels: | 2,232.614 for Russell, 13,762.36 for Nasdaq, $53.85 for Emerging Markets
|
| Coupon threshold levels: | 1,562.83 for Russell, 9,633.652 for Nasdaq, $37.695 for Emerging Markets, 70% of initial levels
|
| Downside threshold levels: | 1,562.83 for Russell, 9,633.652 for Nasdaq, $37.695 for Emerging Markets, 70% of initial levels
|
| Pricing date: | April 22
|
| Settlement date: | April 27
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.7%
|
| Cusip: | 61771VWN6
|
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