Published on 3/5/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 jump autocalls on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, March 5 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due Feb. 23, 2023 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 will be automatically called at par plus 11.5% per year if each index closes at or above its call level, its initial level, on any quarterly determination date after six months.
If the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 23%.
If the final level of any index is less than its initial level but the final level of each index is greater than or equal to its 70% threshold level, the payout will be par. Otherwise, investors will have full exposure to the loss of the lesser-performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying indexes: | Russell 2000, Nasdaq-100
|
| Amount: | $250,000
|
| Maturity: | Feb. 23, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than or equal to initial level, par plus 23%; if final level of any index is less than initial level but final level of each index is greater than or equal to threshold level, par; otherwise, 1% loss for every 1% that least-performing index declines
|
| Call: | Automatically at par plus 11.5% per year if each index closes at or above initial level on any quarterly determination date after six months
|
| Initial levels: | 13,699.71 for Nasdaq, 2,256.106 for Russell
|
| Threshold levels: | 9,589.797 for Nasdaq, 1,579.274 for Russell; 70% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 22
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61771E3W6
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