Published on 12/22/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $26.25 million fixed income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Morgan Stanley Finance LLC priced $26.25 million of 10.3% fixed income autocallable securities due Dec. 27, 2021 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly call determination date after six months.
The payout at maturity will be par unless any index finishes below its initial level and any index ever, during the life of the notes, closes below the 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
|
| Guarantor: | Morgan Stanley
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| Issue: | Fxed income autocallable securities
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| Underlying indexes: | Russell 2000 index, the Nasdaq-100 index and S&P 500 index
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| Amount: | $26,246,000
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| Maturity: | Dec. 27, 2021
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| Coupon: | 10.3% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and any index ever closes below 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 monthly call determination date
|
| Initial index levels: | 3,663.46 for S&P, 1,911.697 for Russell, 12,375.41 for Nasdaq
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| Downside thresholds: | 2,590.819 for S&P, 1,366.905 for Russell, 8,867.712 for Nasdaq; 70% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61771EPK8
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