Published on 12/8/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $665,000 contingent income autocalls on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Morgan Stanley Finance LLC priced $665,000 of contingent income autocallable securities due Dec. 2, 2021linked to the least performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at an annual rate of 4.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
The agent is Morgan Stanley & Co. LLC.
| 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, Nasdaq-100 index
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| Amount: | $665,000
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| Maturity: | Dec. 2, 2021
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| Coupon: | 4.5% annual rate, payable quarterly if each index closes at or above barrier level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly call determination date
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| Initial index levels: | 12,079.81 for Nasdaq, 1,853.532 for Russell
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| Coupon barrier levels: | 8,455.867 for Nasdaq, 1,297.472 for Russell; 70% of initial levels
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| Downside thresholds: | 8,455.867 for Nasdaq, 1,297.472 for Russell; 70% of initial levels
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.985%
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| Cusip: | 61771EFN3
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