Published on 6/21/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million 8.15% contingent income autocalls on three indexes
By Kiku Steinfeld
Chicago, June 21 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Sept. 1, 2023 linked to the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.15%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity, the payout will be par if the indexes never close below the 70% downside threshold level during the life of the notes or the worst performing index closes at or above its initial level. Otherwise, investors will be fully exposed to the decline of the worst performing index.
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 indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1 million
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| Maturity: | Sept. 1, 2023
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| Coupon: | 8.15%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the indexes never close below the trigger level during the life of the notes or the worst performing index closes at or above its initial level, otherwise investors will be fully exposed to the decline in the worst performing index
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| Call: | Automatically at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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| Initial levels: | 35,135.94 for Dow, 16,399.24 for Nasdaq, 2,241.976 for Russell
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| Downside thresholds: | 24,595.158 for Dow, 11,479.468 for Nasdaq, 1,569.383 for Russell, 70% of initial levels
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| Pricing date: | Nov. 29, 2021
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| Settlement date: | Dec. 2, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.875%
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| Cusip: | 61773HLQ0
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