Published on 9/10/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.86 million contingent income autocalls on three indexes
By Kiku Steinfeld
Chicago, Sept. 10 – Morgan Stanley Finance LLC priced $1.86 million of contingent income autocallable securities due July 5, 2023 linked to the least 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 are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 5.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for 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.
The payout at maturity will be par unless 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
|
| 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, Russell 2000 index
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| Amount: | $1,860,000
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| Maturity: | July 5, 2023
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| Coupon: | 5.5% per year, payable quarterly if each index closes at or above barrier level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its downside threshold level, 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 initial level on any quarterly call determination date after six months
|
| Initial levels: | 14,524.98 for Nasdaq, 2,322.336 for Russell, 34,283.27 for Dow
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| Coupon barriers/downside thresholds: | 10,167.486 for Nasdaq, 1,625.635 for Russell, 23,998.289 for Dow; 70% of initial levels
|
| Pricing date: | June 29
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| Settlement date: | July 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773FAL7
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