Published on 10/27/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $5.75 million contingent income autocalls on three indexes
By Kiku Steinfeld
Chicago, Oct. 27 – Morgan Stanley Finance LLC priced $5.75 million of contingent income autocallable securities due Oct. 19, 2023 tied to the least performing of the S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 7.05% 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 plus the coupon if each index closes at or above its initial level on any quarterly call determination date.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent and Morgan Stanley Wealth Management is a selected dealer.
| 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: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $5,754,000
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| Maturity: | Oct. 19, 2023
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| Coupon: | 7.05% per year, payable quarterly if each index closes at or above coupon barrier level on any observation date
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; if any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
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| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly call determination date
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| Initial levels: | 15,146.92 for Nasdaq, 2,265.654 for Russell, 4,471.37 for S&P
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| Coupon barriers: | 10,602.844 for Nasdaq, 1,585.958 for Russell, 3,129.959 for S&P; 70% of initial levels
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| Downside threshold levels: | 10,602.844 for Nasdaq, 1,585.958 for Russell, 3,129.959 for S&P; 70% of initial levels
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as selected dealer
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| Fees: | 2%
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| Cusip: | 61773FZ48
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