Published on 10/2/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.54 million contingent income autocalls on S&P, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Oct. 4 – Morgan Stanley Finance LLC sold $4.54 million of contingent income autocallable securities due Sept. 21, 2023 tied to the worst performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.6% per year if each index closes at or above its coupon threshold level, 75% of its initial level, on the related determination date.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly redemption determination date.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is a selected dealer.
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: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $4,541,000
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Maturity: | Sept. 21, 2023
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Coupon: | 7.6% per year, payable each quarter if each index closes at or above its coupon threshold level on the related determination date
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Price: | Par
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Payout at maturity: | Par any coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly redemption determination date
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Initial levels: | 15,333.47 for Nasdaq, 4,432.99 for S&P, 2,236.871 for Russell
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Coupon thresholds: | 11,500.103 for Nasdaq, 3,324.743 for S&P, 1,677.653 for Russell; 75% of initial levels
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Downside threshold levels: | 11,500.103 for Nasdaq, 3,324.743 for S&P, 1,677.653 for Russell; 75% of initial levels
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Pricing date: | Sept. 17
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Settlement date: | Sept. 22
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Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as a selected dealer
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Fees: | 2%
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Cusip: | 61773FE25
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