Published on 4/30/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $27.11 million contingent income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, April 30 – Morgan Stanley Finance LLC priced $27.11 million of contingent income autocallable securities due April 27, 2023 linked to the worst performing of 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.
If each underlier closes at or above its downside threshold level, 75% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.04%.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly determination date.
If each underlier finishes at or above its downside threshold level, the payout at maturity will be par plus the 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
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| Issue: | Contingent income autocallable securities
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| Underliers: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $27,106,000
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| Maturity: | April 27, 2023
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| Coupon: | 9.04% per year, payable quarterly if each underlier closes at or above downside threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the least-performing underlier
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| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date
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| Initial levels: | 2,271.856 for Russell 2000, 13,941.44 for Nasdaq-100 and 34,043.49 for Dow
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| Downside thresholds: | 1,703.892 for Russell 2000, 10,456.08 for Nasdaq-100 and 25,532.618 for Dow, or 75% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61771VUZ1
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