Published on 4/19/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $4.44 million jump autocalls on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 19 – Morgan Stanley Finance LLC priced $4.44 million of 0% jump securities with autocallable feature due April 6, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 10% a year if each index closes at or above its initial level on any annual observation date
If the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 50%.
If the final level of any index is less than its call level but the final level of each index is greater than or equal to its 70% barrier level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines.
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, S&P 500
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| Amount: | $4,437,000
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| Maturity: | April 6, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to initial level, par plus 50%; if final level of any index is less than call level but final level of each index is greater than or equal to barrier level, par; otherwise, 1% loss for every 1% that least-performing index declines
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| Call: | Automatically at par plus 10% a year if each index closes at or above initial level on any annual observation date
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| Initial levels: | 3,972.89 for S&P, 2,220.519 for Russell
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| Barrier levels: | 2,781.023 for S&P, 1,554.363 for Russell; 70% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61771VDX5
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