Published on 7/23/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 autocallable contingent income notes on indexes
By Wendy Van Sickle
Columbus, Ohio, July 23 – Morgan Stanley Finance LLC sold $250,000 of autocallable contingent income securities due June 1, 2026 tied to the worst performing of the Dow Jones industrial average, 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 contingent quarterly coupon at the rate of 5.75% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the related determination date.
The notes will be called at par if each index closes above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the performance of the least 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: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $250,000
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| Maturity: | June 1, 2026
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| Coupon: | 5.75% per year, payable quarterly if each index closes at or above its coupon threshold level on the related determination date
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| Price: | Par
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| Call: | Automatically at par if each index closes above its initial level on any quarterly call observation date after one year
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
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| Initial levels: | 34,464.64 for Dow, 2,273.073 for Russell and 13,657.85 for Nasdaq
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| Coupon barrier levels: | 24,125.248 for Dow, 1,591.151 for Russell and 9,560.495 for Nasdaq; 70% of initial levels
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| Downside threshold levels: | 24,125.248 for Dow, 1,591.151 for Russell and 9,560.495 for Nasdaq; 70% of initial levels
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61771VZD5
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