Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.06 million contingent income autocalls on Invesco QQQ, Russell
By Taylor Fox
New York, March 18 – Morgan Stanley Finance LLC priced $3.06 million of contingent income autocallable securities due June 9, 2022 linked to the least performing of the Invesco QQQ Trust, Series 1 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 8.25% per year if each asset 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 asset closes at or above its initial level on any monthly call determination date after six months.
The payout at maturity will be par plus the coupon unless any asset finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing asset declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying assets: | Invesco QQQ Trust, Series 1, Russell 2000 index
|
| Amount: | $3,057,000
|
| Maturity: | June 9, 2022
|
| Coupon: | 8.25% per year, payable monthly if each asset closes at or above coupon barrier level on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any asset finishes below downside threshold, in which case investors will lose 1% for every 1% that the least-performing asset declines from its initial level
|
| Call: | Automatically at par if each asset closes at or above initial level on any monthly call determination date after six months
|
| Initial asset levels: | $308.68 for Invesco, 2,192.212 for Russell
|
| Coupon barrier levels: | $216.076 for Invesco, 1,534.548 for Russell, 70% of initial levels
|
| Downside thresholds: | $216.076 for Invesco, 1,534.548 for Russell, 70% of initial levels
|
| Pricing date: | March 5
|
| Settlement date: | March 10
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61771VEU0
|
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