Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 jump securities with autocallable feature on indexes
By William Gullotti
Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due April 30, 2026 linked to the worst performing of the Russell 2000 index and the S&P 500 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 5.75% if each index closes at or above its initial level, on any annual observation date.
At maturity, if all indexes finish above their initial levels, the payout will be $1,287.50 per note.
If the worst performing index finishes below its call level but at or above its 70% 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: | Russell 2000 index, S&P 500 index
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| Amount: | $250,000
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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 5.75% if each index closes at or above initial level on any annual observation date
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| Payout at maturity: | Par plus 28.75% if all indexes finish above initial levels; if the worst performing index finishes above 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: | 2,301.267 for Russell, 4,186.72 for S&P
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| Downside threshold levels: | 1,610.887 for Russell, 2,930.704 for S&P; 70% 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: | 61771VQQ6
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