Published on 12/8/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10.23 million 6.5% fixed income buffered autocallables tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Morgan Stanley Finance LLC priced $10.23 million of 6.5% fixed income buffered autocallable securities due June 9, 2022 linked to the worst 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.
Interest is payable semiannually.
Beginning on June 3, 2021, the notes will be called at par plus the coupon if each index closes at or above its initial level on any semiannual early redemption determination date.
If the final level of each index is greater than or equal to 80% of its initial level, the payout at maturity will be par plus the last fixed coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing index declines beyond 20%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Fixed income buffered autocallable securities
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| Underlying indexes: | Russell 2000 index and Nasdaq-100 index
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| Amount: | $10,231,000
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| Maturity: | June 9, 2022
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| Coupon: | 6.5%, payable semiannually
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| Price: | Par
|
| Call: | At par if each index closes at or above its initial level on any semiannual early redemption determination date beginning on June 3, 2021
|
| Payout at maturity: | If final level of each index is greater than or equal to 80% of initial level, par plus last fixed coupon; otherwise, 1% loss for every 1% that worst-performing index declines beyond 20%
|
| Initial index levels: | 1,848.702 for Russell, 12,467.13 for Nasdaq
|
| Coupon barrier levels: | 1,478.962 for Russell, 9,973.704 for Nasdaq; 80% of initial levels
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.375%
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| Cusip: | 61771ESF6
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