Published on 3/31/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $565,000 autocallable jump notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, March 31 – Morgan Stanley Finance LLC priced $565,000 of jump securities with autocallable feature due Sept. 25, 2026 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus 14.5% per year if each index closes at or above its call level on any annual call determination date starting Sept. 23, 2022. The call level will be set at 105% of each index’s initial level, increasing by 5% each year.
At maturity the payout will be par plus the return of the lesser performing index if it finishes at or above its initial level. If the lesser performer falls but finishes at or above its 70% downside threshold level, the payout will be par. Otherwise, investors will be fully exposed to the decline of worst performing index.
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: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $565,000
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| Maturity: | Sept. 25, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If least performing index finishes at or above initial level, par plus return of that index; par if worse performer falls but finishes at or above its downside threshold level; otherwise, full exposure to decline of worst performing index
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| Call: | Automatically at par plus 14.5% per year if each index closes at or above its call level on any annual call determination date after one year; call level starts at 105% of initial level, increasing by 5% each year
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| Initial levels: | 15,176.51 for Nasdaq, 2,218.561 for Russell, 4,395.64 for S&P
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| Downside thresholds: | 10,623.557 for Nasdaq, 1,552.993 for Russell, 3,076.948 for S&P, 70% of initial levels
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| Pricing date: | Sept. 22, 2021
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| Settlement date: | Sept. 27, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61773FXZ1
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