Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $18.13 million 10% fixed income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 18 – Morgan Stanley Finance LLC priced $18.13 million of 10% fixed-income autocallable securities due March 11, 2022 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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.
Interest is payable monthly.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly redemption determination date after six months.
The payout at maturity will be par 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.
The agent is Morgan Stanley & Co. LLC.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed-income autocallable securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $18.13 million
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| Maturity: | March 11, 2022
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| Coupon: | 10% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold level, 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 its initial level on any quarterly redemption determination date after six months
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| Initial index levels: | 3,841.94 for S&P, 2,192.212 for Russell and 12,668.51 for Nasdaq
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| Downside threshold levels: | 2,689.358 for S&P, 1,534.5484 for Russell and 8,867.957 for Nasdaq; 70% of initial levels
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| Pricing date: | March 5
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| Settlement date: | March 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61771E4W5
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