Published on 2/9/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.04 million contingent income autocalls on three indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Morgan Stanley Finance LLC priced $1.04 million of contingent income autocallable securities due Feb. 1, 2024 linked to the least performing of the MSCI EAFE index, the MSCI Emerging Markets index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date after six months.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
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: | MSCI EAFE index, MSCI Emerging Markets index, Russell 2000 index
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Amount: | $1,035,000
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Maturity: | Feb. 1, 2024
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Coupon: | 9% per year, payable monthly if each index closes at or above barrier level on determination date for that month
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Price: | Par
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Payout at maturity: | Par plus any coupon due 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
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Call: | Automatically at par if each index closes at or above initial level on any quarterly call determination date after six months
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Initial index levels: | 1,350.59 for Emerging Markets 2,106.609 for Russell, 2,159.65 for EAFE
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Coupon barrier levels: | 945.413 for Emerging Markets, 1,474.626 for Russell, 1,511.755 for EAFE; 70% of initial levels
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Downside thresholds: | 810.354 for Emerging Markets, 1,263.965 for Russell, 1,295.79 for EAFE; 60% of initial levels
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61771ER34
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