Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $9.89 million contingent income autocalls on indexes
By Taylor Fox
New York, Feb. 16 – Morgan Stanley Finance LLC priced $9.89 million of contingent income autocallable securities due Jan. 25, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, 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 6% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par if each index closes at or above 105% of 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 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: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
|
| Amount: | $9,885,000
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| Maturity: | Jan. 25, 2024
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| Coupon: | 6% per year, payable monthly if each index closes at or above its coupon barrier level on determination date for that period
|
| 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 105% of its initial level on any monthly call determination date after six months
|
| Initial levels: | 3,853.07 for S&P, 2,141.421 for Russell, 31,176.01 for Dow
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| Coupon barriers: | 2,697.149 for S&P, 1,498.995 for Russell, 21,823.207 for Dow; 70% of initial levels
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| Downside threshold levels: | 2,697.149 for S&P, 1,498.995 for Russell, 21,823.207 for Dow; 70% of initial levels
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| Call thresholds: | 4,045.724 for S&P, 2,248.492 for Russell, 32,734.811 for Dow; 105% of initial levels
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.78%
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| Cusip: | 61771EC63
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