Published on 1/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $49.99 million trigger autocallable notes on Russell, Nasdaq
By Marisa Wong
Los Angeles, Jan. 15 – Morgan Stanley Finance LLC priced $49.99 million of trigger autocallable contingent yield notes due Jan. 19, 2024 linked 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.
The notes will pay a contingent quarterly coupon at an annualized rate of 7.09% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 index and Nasdaq-100 index
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| Amount: | $49,988,920
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| Maturity: | Jan. 19, 2024
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| Coupon: | 7.09% per year, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Payout at maturity: | Par plus any final coupon due unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 2,111.966 for Russell, 12,973.63 for Nasdaq
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| Coupon barriers: | 1,478.376 for Russell, 9,081.54 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 1,267.180 for Russell, 7,784.18 for Nasdaq; 60% of initial levels
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| Pricing date: | Jan. 13
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| Settlement date: | Jan. 19
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 61771J495
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