Published on 5/27/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $431,000 15.85% contingent income autocallables on three ETFs
Chicago, May 27 – Morgan Stanley Finance LLC priced $431,000 of contingent income autocallable securities due Nov. 8, 2024 linked to the worst performing of the Financial Select Sector SPDR Fund, SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.85%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Nov. 10, 2022 at par if the price of each underlying fund is greater than or equal to 90% of its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing fund closes below its 60% downside trigger level on any day during the life of the notes in which case investors will be fully exposed to the decline of the worst performing fund with a maximum payout of par.
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: | Contingent income autocallable securities
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| Underlying ETFs: | Financial Select Sector SPDR fund, SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $431,000
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| Maturity: | Nov. 8, 2024
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| Coupon: | 15.85% annual rate, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing fund closes below its downside threshold level on any day during the life of the notes in which case investors will be fully exposed to the decline in the worst performing underlying fund with a maximum payout of par
|
| Call: | Automatically starting Nov. 10, 2022 at par if the price of each underlying fund is greater than or equal to 90% of its initial price on any monthly call determination date
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| Initial levels: | $32.75 for Gold, $40.02 for Financial, $109.71 for Oil & Gas
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| Downside thresholds: | $19.65 for Gold, $24.012 for Financial, $65.826 for Oil & Gas, 60% of initial levels
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| Coupon barrier: | $22.925 for Gold, $28.014 for Financial, $76.797 for Oil & Gas, 70% of the initial levels
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| Call threshold: | $29.475 for Gold, $36.018 for Financial, $98.739 for Oil & Gas, 90% of the initial levels
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| Pricing date: | Nov. 5, 2021
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| Settlement date: | Nov. 10, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61773HCT4
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