Published on 3/26/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $987,000 contingent income autocalls on indexes
Kiku Steinfeld
Chicago, March 26 – Morgan Stanley Finance LLC priced $987,000 of contingent income autocallable securities due March 19, 2027 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 5% per year if each index closes at or above its coupon barrier level, 67.5%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 its initial level on any quarterly determination date after one year.
The payout at maturity will be par plus any coupon due unless any index finishes below its 67.5%downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $987,000
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| Maturity: | March 19, 2027
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| Coupon: | 5% per year, payable quarterly if each index closes at or above barrier level on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due 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
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| Call: | Automatically at par if each index closes at or above its initial level on any quarterly determination date after one year
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| Initial index levels: | 3,962.71 for S&P, 2,319.518 for Russell, 13,152.28 for Nasdaq
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| Coupon barrier levels: | 2,674.829 for S&P, 1,565.675 for Russell, 8,877.789 for Nasdaq; 67.5%of initial levels
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| Downside thresholds: | 2,674.829 for S&P, 1,565.675 for Russell, 8,877.789 for Nasdaq; 67.5%of initial levels
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| Pricing date: | March 16
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| Settlement date: | March 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.25%
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| Cusip: | 61771VGM6
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