Published on 1/13/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.08 million contingent income autocalls on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Morgan Stanley Finance LLC priced $1.08 million of contingent income autocallable securities due Jan. 3, 2022 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each underlier closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus any coupon due unless any underlier finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying underliers: | iShares MSCI EAFE ETF, Russell 2000 index, S&P 500 index
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| Amount: | $1.08 million
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| Maturity: | Jan. 3, 2022
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| Coupon: | 8% per year, payable quarterly if each underlier closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any underlier finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level
|
| Call: | Automatically at par if each underlier closes at or above initial level on any quarterly determination date after six months
|
| Initial underlier levels: | 1,996.25 for Russell, 3,735.36 for S&P, $72.95 for ETF
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| Coupon barrier levels: | 1,497.188 for Russell, 2,801.52 for S&P, $54.713 for ETF; 75% of initial levels
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| Downside thresholds: | 1,497.188 for Russell, 2,801.52 for S&P, $54.713 for ETF; 75% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771EWF1
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