Published on 8/30/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $455,000 contingent income autocalls on Nasdaq, Russell, Dow
By Taylor Fox
New York, Aug. 30 – Morgan Stanley Finance LLC priced $455,000 of contingent income autocallable securities due Aug. 26, 2022 tied to 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 monthly contingent coupon at the rate of 10% 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 downside threshold level, 70% of its initial level, on every day during the life of the notes, the payout at maturity will be par plus any final coupon. If the lowest-performing index finishes below its downside threshold level at any point during the life of the notes, investors will be fully exposed to the decline of the lowest-performing index from its initial level with a maximum payout of par.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
|
| Amount: | $455,000
|
| Maturity: | Aug. 26, 2022
|
| Coupon: | 10% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | If all indexes close above downside threshold level every day during the life of the notes, par; otherwise, full exposure to losses of worst performer with a maximum payout of par
|
| Call: | At par if each index closes at or above its initial level on any quarterly call determination date after six months
|
| Initial levels: | 31,537.35 for Dow, 13,194.71 for Nasdaq, 2,231.314 for Russell
|
| Coupon barriers: | 22,076.145 for Dow, 9,236.297 for Nasdaq, 1,561.92 for Russell; 70% of initial levels
|
| Downside threshold levels: | 22,076.145 for Dow, 9,236.297 for Nasdaq, 1,561.92 for Russell; 70% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61771ER75
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
