Published on 3/9/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $731,000 contingent income autocalls on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 9 – Morgan Stanley Finance LLC priced $731,000 of contingent income autocallable securities due Feb. 27, 2024 tied to the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 7.75% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
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 the final coupon unless the lowest-performing index finishes below its downside threshold level, in which case investors will be fully exposed to the decline of the lowest-performing index from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
|
| Amount: | $731,000
|
| Maturity: | Feb. 27, 2024
|
| Coupon: | 7.75% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | If any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
|
| Call: | At par if each index closes at or above its initial level on any quarterly call determination date after six months
|
| Initial levels: | 31,521.69 for Dow, 13,233.74 for Nasdaq, 2,251.072 for Russell
|
| Coupon barriers: | 22,065.183 for Dow, 9,256.618 for Nasdaq, 1,575.75 for Russell; 70% of initial levels
|
| Downside threshold levels: | 22,065.183 for Dow, 9,256.618 for Nasdaq, 1,575.75 for Russell; 70% of initial levels
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61771VAT7
|
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