Published on 7/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $5.51 million jump securities with autocallable feature on indexes
By William Gullotti
Buffalo, N.Y., July 1 – Morgan Stanley Finance LLC priced $5.51 million of 0% jump securities with autocallable feature due May 27, 2025 linked to the worst performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 9.25% if each index closes at or above its initial level on any annual observation date after one year.
At maturity, if all indexes finish above their initial levels, the payout will be $1,370 per security.
If the worst performing index finishes below its initial level but at or above its 70% downside threshold level, the payout will be par. If the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index 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: | Jump securities with autocallable feature
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $5,512,000
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Maturity: | May 27, 2025
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Coupon: | 0%
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Price: | Par
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Call: | At par plus an annual premium of 9.25% if each index closes at or above initial level on any annual observation date after one year
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Payout at maturity: | If all indexes finish above initial levels, $1,370 per security; if the worst performing index finishes below its initial level but at or above its downside threshold level, par; if the worst performing index finishes below its downside threshold level, investors will be fully exposed to the decline of that index from its initial level
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Initial levels: | 4,155.86 for S&P, 2,215.268 for Russell
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Downside threshold levels: | 2,909.102 for S&P, 1,550.688 for Russell; 70% of initial levels
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Pricing date: | May 21
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Settlement date: | May 26
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Agent: | Morgan Stanley & Co. LLC
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Fees: | None
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Cusip: | 61771VZY9
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