Published on 9/22/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5.7 million contingent income autocalls on indexes, ETF
By William Gullotti
Buffalo, N.Y., Sept. 22 – Morgan Stanley Finance LLC priced $5.7 million of contingent income autocallable securities due Oct. 3, 2022 linked to the performance of the Russell 2000 index, the Euro Stoxx 50 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filed with the Securities and Exchange Commission.
The securities are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 10.1% if each underlier closes at or above its 75% coupon barrier on the observation date for that quarter. Previously unpaid coupons, if any, will be paid whenever coupon payments are made.
The notes will be called at par plus coupon if each underlier closes at or above its initial level on any quarterly review date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless any underlier finishes below its 75% downside threshold, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Issue: | Contingent income autocallable securities
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| Guarantor: | Morgan Stanley
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| Underlying assets: | Russell 2000 index, Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF
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| Amount: | $5,700,000
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| Maturity: | Oct. 3, 2022
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| Coupon: | 10.1% annualized, payable quarterly if each underlier closes at or above coupon barrier on review date for that quarter; coupon payment events will include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above downside threshold, par plus final coupon and any previously unpaid coupons; otherwise, 1% loss for each 1% decline of worst performing underlier from its initial level
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| Call: | At par plus coupon if each underlier closes at or above its initial level on any quarterly call date
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| Initial levels: | $52.18 for ETF, 4,145.94 for Stoxx, 2,234.448 for Russell
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| Coupon barrier levels: | $39.135 for ETF, 3,109.455 for Stoxx, 1,675.836 for Russell; 75% of initial levels
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| Downside thresholds: | $39.135 for ETF, 3,109.455 for Stoxx, 1,675.836 for Russell; 75% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61773FF81
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