Published on 12/22/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $9 million stepdown trigger autocallable notes on Russell, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Morgan Stanley Finance LLC priced $9 million of stepdown trigger autocallable notes due Dec. 7, 2026 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus 9.7% annualized if all three indexes close above their initial levels on any quarterly observation after one year except the final observation date for which the call level will be equal to 75% of the initial level.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Stepdown trigger autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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| Amount: | $9 million
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| Maturity: | Dec. 7, 2026
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus 9.7% annualized if all indexes close above initial level on any quarterly observation after one year except the final observation date for which the call level will be equal to 75% of initial level
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| Payout at maturity: | If notes are not called, par unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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| Initial levels: | 34,639.79 for Dow, 15,990.76 for Nasdaq, 2,206.333 for Russell
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| Final redemption thresholds: | 25,979.84 for Dow, 11,993.07 for Nasdaq, 1,654.75 for Russell; 75% of initial levels
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| Downside thresholds: | 24,247.85 for Dow, 11,193.53 for Nasdaq, 1,544.433 for Russell; 70% of initial levels
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| Pricing date: | Dec. 2
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| Settlement date: | Dec. 7
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61773N221
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