Published on 2/26/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $642,000 contingent income autocalls on S&P, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Feb. 26 – Morgan Stanley Finance LLC priced $642,000 of contingent income autocallable securities due Aug. 19, 2022 linked to the least performing of the Nasdaq-100 index, the Russell 200 index 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 11.2% 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 unless any index closes 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: | Nasdaq-100 index, S&P 500 index, Russell 200 index
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| Amount: | $642,000
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| Maturity: | Aug. 19, 2022
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| Coupon: | 11.2% 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 unless any index closes below its downside threshold, in which case 1% loss for every 1% that least-performing index declines from its initial level
|
| Call: | At par if each index closes at or above initial level on any quarterly determination date
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| Initial index levels: | 3,932.59 for S&P, 13773.77 for Nasdaq, 2,272.891 for Russell
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| Coupon barrier levels: | 2,752.813 for S&P, 9,641.639 for Nasdaq; 1,591.024 for Russell; 70% of initial levels
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| Downside thresholds: | 2,752.813 for S&P, 9,641.639 for Nasdaq, 1,591.024 for Russell; 70% of initial levels
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771E7D4
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