Published on 7/2/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.65 million contingent income autocalls on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, July 2 – Morgan Stanley Finance LLC priced $3.65 million of contingent income autocallable securities due Aug. 25, 2022 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 monthly contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier level, 80% 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 monthly call determination date after six months.
If each index finishes at or above the downside threshold level, 70% of 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
|
| 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: | $3,649,000
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| Maturity: | Aug. 25, 2022
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| Coupon: | 7% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above the downside threshold level, par plus the final coupon; 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 monthly call determination date after six months
|
| Initial levels: | 13,411.74 for Nasdaq, 2,215.268 for Russell
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| Coupon barriers: | 10,729.392 for Nasdaq, 1,772.214 for Russell; 80% of initial levels
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| Downside threshold levels: | 9,388.218 for Nasdaq, 1,550.688 for Russell; 70% of initial levels
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| Pricing date: | May 21
|
| Settlement date: | May 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61771VT91
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