Published on 3/13/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.66 million 6.12% worst-of autocallable RevCons on stocks
By Kiku Steinfeld
Chicago, March 15 – Morgan Stanley Finance LLC priced $2.66 million of 6.12% worst-of fixed-coupon autocallable RevCons due Aug. 31, 2022 linked to the worst performing of the common stocks of Prologis, Inc., Exxon Mobil Corp. and Hilton Worldwide Holdings Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
Beginning May 24, the notes will be automatically called at par if each stock closes at or above its redemption threshold level, 95% of its initial price, on a monthly determination date. The redemption threshold level decreases to 92.5% of the initial prices on Nov. 23, 2021 and to 90% on April 25, 2022.
If each stock finishes at or above its 55% downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed-coupon autocallable RevCons
|
| Underlying stocks: | Prologis, Inc., Exxon Mobil Corp. and Hilton Worldwide Holdings Inc.
|
| Amount: | $2,661,000
|
| Maturity: | Aug. 31, 2022
|
| Coupon: | 6.12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing stock
|
| Call: | Beginning May 24, automatically at par if each stock closes at or above its redemption threshold level, 95% of initial level, on a monthly determination date; redemption threshold decreases to 92.5% of the initial levels on Nov. 23, 2021 and 90% on April 25, 2022
|
| Initial share prices: | $103.24 for Prologis, $56.70 for Exxon and $127.26 for Hilton
|
| Downside thresholds: | $56.782 for Prologis, $31.185 for Exxon and $69.993 for Hilton; 55% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 3
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61771VEV8
|
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