Published on 9/17/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.78 million contingent income autocallables on three stocks
By William Gullotti
Buffalo, N.Y., Sept. 17 – Morgan Stanley Finance LLC priced $2.78 million of contingent income autocallable securities due Sept. 13, 2024 linked to the shares of Amazon.com, Inc., Netflix, Inc. and Facebook, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 18% if each underlying stock closes at or above its 80% coupon barrier on the corresponding observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly review date.
The payout at maturity will be par plus the final coupon unless any underlying stock finishes below its 80% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Issue: | Contingent income autocallable securities
|
| Guarantor: | Morgan Stanley
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| Underlying stocks: | Amazon.com, Inc., Netflix, Inc., Facebook, Inc.
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| Amount: | $2,780,000
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| Maturity: | Sept. 13, 2024
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| Coupon: | 18% annualized, payable quarterly if each stock closes at or above coupon barrier on relevant review date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date
|
| Initial levels: | $3,469.15 for Amazon, $598.72 for Netflix, $378.69 for Facebook
|
| Coupon barrier levels: | $2,775.32 for Amazon, $478.976 for Netflix, $302.952 for Facebook; 80% of initial levels
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| Downside thresholds: | $2,775.32 for Amazon, $478.976 for Netflix, $302.952 for Facebook; 80% of initial levels
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
|
| Cusip: | 61773FA45
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