Published on 3/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $33.10 million contingent income autocalls on three indexes
By Marisa Wong
Los Angeles, March 25 – Morgan Stanley Finance LLC priced $33,098,000 of contingent income autocallable securities due March 28, 2023 tied to the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.25% if each index closes at or above its coupon barrier level, 75% of the initial level, on the related quarterly observation date.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date.
If each index finishes at or above its downside threshold level, 75% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
|
| Amount: | $33,098,000
|
| Maturity: | March 28, 2023
|
| Coupon: | 10.25% per year, payable each quarter that each index closes at or above downside threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst-performing index from its initial level
|
| Call option: | At par if each index closes at or above its initial level on any quarterly call determination date
|
| Initial level: | 2,185.687 for Russell, 13,017.79 for Nasdaq, 32,423.15 for Dow
|
| Downside threshold: | 1,639.265 for Russell, 9,763.343 for Nasdaq, 24,317.363 for Dow; 75% of initial level
|
| Pricing date: | March 23
|
| Settlement date: | March 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61771VLK4
|
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