Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.05 million jump securities with autocallable feature on indexes
By William Gullotti
Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $1.05 million of 0% jump securities with autocallable feature due April 30, 2026 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 8% if each index closes at or above its initial level, on any semiannual observation date after one year.
At maturity, if all indexes finish above their initial levels, the payout will be $1,400 per security.
If the worst performing index finishes below its call level but at or above its 95% downside threshold level, the payout will be par. If the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $1,046,000
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| Maturity: | April 30, 2026
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus an annual premium of 8% if each index closes at or above initial level on any semiannual observation date after one year
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| Payout at maturity: | If all indexes finish above initial levels, $1,400 per security; if the worst performing index finishes below its call level but at or above its downside threshold level, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index
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| Initial levels: | 4,186.72 for S&P, 33,984.93 for Dow, 2,301.267 for Russell
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| Downside threshold levels: | 3,977.384 for S&P, 32,285.684 for Dow, 2,186.204 for Russell; 95% of initial levels
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| Pricing date: | April 27, 2021
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| Settlement date: | April 30, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.625%
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| Cusip: | 61771VXG0
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