Published on 3/11/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $17.35 million trigger autocallable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 11 – Morgan Stanley Finance LLC priced $17.35 million of trigger autocallable contingent yield notes due March 11, 2027 linked to the least 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 are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at the rate of 12.56% per year if each index closes at or above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 75% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
Morgan Stanley & Co. LLC is the agent, and UBS Financial Services Inc. is acting as dealer
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index, S&P 500 index
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| Amount: | $17.35 million
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| Maturity: | March 11, 2027
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| Coupon: | 12.56% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of laggard index from initial level
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | 4,201.09 for S&P 500, 1,951.329 for Russell, 3,512.22 for Stoxx
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| Coupon barrier levels: | 3,150.82 for S&P 500, 1,463.497 for Russell, 2,634.17 for Stoxx; 75% of initial levels
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| Downside thresholds: | 3,150.82 for S&P 500, 1,463.497 for Russell, 2,634.17 for Stoxx; 75% of initial levels
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| Pricing date: | March 7
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| Settlement date: | March 10
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
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| Fees: | 2.5%
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| Cusip: | 61773Y128
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