Published on 4/27/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.05 million contingent income autocalls on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, April 27 – Morgan Stanley Finance LLC priced $3.05 million of contingent income autocallable securities due April 11, 2024 tied to the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
After six months, the notes will be automatically called at par if each index closes at or above 105% of its initial level on any quarterly call determination date.
If the lowest-performing index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par plus the final coupon. If the lowest-performing index finishes below its downside threshold level, 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: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
|
Amount: | $3.05 million
|
Maturity: | April 11, 2024
|
Coupon: | 6% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
|
Price: | Par
|
Payout at maturity: | If each index finishes at or above downside threshold level, par; if any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
|
Call: | After six months, at par if each index closes at or above 105% of its initial level on any quarterly call determination date
|
Initial levels: | 4,079.95 for S&P, 2,223.051 for Russell, 33,446.26 for Dow
|
Coupon barriers: | 2,855.956 for S&P, 1,556.136 for Russell, 23,412.382 for Dow; 70% of initial levels
|
Downside threshold levels: | 2,855.956 for S&P, 1,556.136 for Russell, 23,412.382 for Dow; 70% of initial levels
|
Pricing date: | April 7
|
Settlement date: | April 12
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | 3%
|
Cusip: | 61771VNB2
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.