Published on 8/12/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.1 million contingent income autocalls on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, Aug. 12 – Morgan Stanley Finance LLC priced $1.1 million of contingent income autocallable securities due April 19, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 5.25% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the determination date for that quarter.
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.
The payout at maturity will be par any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
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: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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| Amount: | $1,102,000
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| Maturity: | April 19, 2024
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| Coupon: | 5.25% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly call determination date after six months
|
| Initial levels: | 4,327.16 for S&P, 2,163.238 for Russell, 14,681.38 for Nasdaq
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| Coupon barriers: | 3,461.728 for S&P, 1,730.590 for Russell, 11,745.104 for Nasdaq; 80% of initial levels
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| Downside thresholds: | 3,029.012 for S&P, 1,514.267 for Russell, 10,276.966 for Nasdaq; 70% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.25%
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| Cusip: | 61773FGK3
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