Published on 7/2/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $764,000 jump autocalls on Dow, S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 2 – Morgan Stanley Finance LLC priced $764,000 of 0% jump securities with autocallable feature due May 27, 2026 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 9% per year if each index closes at or above its initial level on any annual determination 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 the return of the least performing index.
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 60% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
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 and Dow Jones industrial average
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| Amount: | $764,000
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| Maturity: | May 27, 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 return of laggard index; if final level of any index is less than call level but final level of each index is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that least-performing index declines
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| Call: | Automatically at par plus 9% per year if each index closes at or above initial level on any annual determination date
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| Initial levels: | 4,155.86 for S&P, 34,207.84 for Dow, 2,215.268 for Russell
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| Downside threshold levels: | 2,493.516 for S&P, 20,524.704 for Dow, 1,329.161 for Russell; 60% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61771VW89
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