Published on 3/11/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $665,000 jump autocalls on Dow, Russell
By Kiku Steinfeld
Chicago, March 11 – Morgan Stanley Finance LLC priced $665,000 of 0% jump securities with autocallable feature due Feb. 27, 2026 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 8.75% if each index closes at or above its initial level on any quarterly determination date after one year.
If each index closes at or above its initial level, the payout at maturity will be par plus 43.75%.
If any index falls by up to its 70% downside threshold, the payout will be par.
Otherwise, investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | Russell 2000, Dow Jones industrial average
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| Amount: | $665,000
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| Maturity: | Feb. 27, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index gains, par plus 43.75%; if either index falls by up to 30%, par; otherwise, 1% loss per 1% decline of worse performing index
|
| Call: | At par plus 8.75% annualized if each index closes at or above initial level on any quarterly determination date after one year
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| Initial levels: | 31,961.86 for Dow, 2,284.38 for Russell
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| Trigger levels: | 22,373.302 for Dow, 1,599.067 for Russell, 70% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.35%
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| Cusip: | 61771VBT6
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