Published on 10/27/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.7 million contingent income autocalls on Stoxx, Russell, S&P
By William Gullotti
Buffalo, N.Y., Oct. 27 – Morgan Stanley Finance LLC priced $2.7 million of contingent income autocallable securities due Oct. 3, 2024 tied to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 8.4% per year if each index closes at or above its coupon barrier level, 80% 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 after six months.
If the lowest-performing index finishes at or above its downside threshold level, 80% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the final index value of the worst performer from its initial level.
The notes are guaranteed by Morgan Stanley.
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: | Euro Stoxx 50 index, Russell 2000 index, S&P 500 index
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| Amount: | $2,697,000
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| Maturity: | Oct. 3, 2024
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| Coupon: | 8.4% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par plus final coupon; otherwise, full exposure to decline of worst performer 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 after six months
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| Initial levels: | 4,048.08 for Stoxx, 2,204.372 for Russell, 4,307.54 for S&P
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| Coupon barriers: | 3,238.464 for Stoxx, 1,763.498 for Russell, 3,446.032 | for S&P; 80% of initial levels
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| Downside threshold levels: | 3,238.464 for Stoxx, 1,763.498 for Russell, 3,446.032 for S&P; 80% of initial levels
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773FR21
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