Published on 8/16/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.94 million jump securities with autocallable feature on indexes
By William Gullotti
Buffalo, N.Y., Aug. 16 – Morgan Stanley Finance LLC priced $2.94 million of 0% jump securities with autocallable feature due May 15, 2025 linked to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 6% if each index closes at or above its call level, 95% of initial level, on any quarterly observation date after six months.
At maturity, if all indexes finish above their initial levels, the payout will be par plus 22.5%.
If the worst performing index finishes below its initial level but at or above its 70% downside threshold level, the payout will be par. If the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $2,938,000
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| Maturity: | May 15, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If all indexes finish above initial levels, $1,225 per security; if the worst performing index finishes below its initial level but at or above its downside threshold level, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index
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| Call: | At par plus an annual premium of 6% if each index closes at or above call level on any quarterly observation date after six months
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| Initial levels: | 15,027.76 for Nasdaq, 2,250.343 for Russell, 35,484.97 for Dow
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| Call threshold levels: | 14,276.372 for Nasdaq, 2,137.826 for Russell, 33,710.722 for Dow; 95% of initial levels
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| Downside threshold levels: | 10,519.432 for Nasdaq, 1,575.24 for Russell, 24,839.479 for Dow; 70% of initial levels
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61773FPB3
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