Published on 2/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income autocalls on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Feb. 8 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due Feb. 1, 2022 linked to the least performing of 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 notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any coupon due unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying indexes: | S&P 500, Nasdaq-100, Russell 2000
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Amount: | $250,000
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Maturity: | Feb. 1, 2022
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Coupon: | 8.5% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
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Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date
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Initial index levels: | 13,490.19 for Nasdaq, 2,149.856 for Russell, 3,849.62 for S&P
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Coupon barrier levels: | 9,443.133 for Nasdaq, 1,504.899 for Russell, 3,849.62 ; 70% of initial levels
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Downside thresholds: | 9,443.133 for Nasdaq, 1,504.899 for Russell, 3,849.62 for S&P, ; 70% of initial levels
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.875%
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Cusip: | 61771EZD3
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