Published on 7/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $931,000 contingent income autocalls on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., July 1 – Morgan Stanley Finance LLC priced $931,000 of contingent income autocallable securities due Nov. 25, 2022 tied to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 8.15% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly call determination date after three months.
If the lowest-performing index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the final index value of the lowest-performing index.
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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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $931,000
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| Maturity: | Nov. 25, 2022
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| Coupon: | 8.15% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to decline of lowest-performing index from its initial level
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| Call: | At par if each index closes at or above its initial level on any monthly call determination date after three months
|
| Initial levels: | 13,411.74 for Nasdaq, 2,215.268 for Russell, 4,155.86 for S&P
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| Coupon barriers: | 9,388.218 for Nasdaq, 1,550.688 for Russell, 2,909.102 for S&P; 70% of initial levels
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| Downside threshold levels: | 9,388.218 for Nasdaq, 1,550.688 for Russell, 2,909.102 for S&P; 70% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771VV72
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