Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.5 million contingent income autocalls on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, May 7 – Morgan Stanley Finance LLC priced $1.5 million of contingent income autocallable securities due April 27, 2023 tied to the worst performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 6.05% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date after six months.
If the lowest-performing index finishes at or above its initial level or no index ever closes below its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the final index value of the lowest-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: | Contingent income autocallable securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
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| Amount: | $1,503,000
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| Maturity: | April 27, 2023
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| Coupon: | 6.05% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level or no index ever closes below downside threshold level, par; otherwise, full exposure to decline of lowest-performing index from its initial level
|
| Call: | At par if each index closes at or above its initial level on any quarterly call determination date after six months
|
| Initial levels: | 13,941.44 for Nasdaq, 2,271.856 for Russell
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| Coupon barriers: | 9,759.008 for Nasdaq, 1,590.299 for Russell; 70% of initial levels
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| Downside threshold levels: | 9,061.936 for Nasdaq, 1,476.706 for Russell; 65% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.1%
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| Cusip: | 61771VTL4
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