Published on 11/4/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $20.12 million contingent income autocallables linked to indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Morgan Stanley Finance LLC priced $20.12 million of contingent income autocallable securities due Oct. 31, 2023 linked to the worst performing of the S&P 500 index the Nasdaq-100 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.51% if each asset closes above its 75% coupon barrier on the related observation date.
If all underlyings close above their initial levels on any quarterly redemption determination date, the notes will be called at par plus the quarterly coupon due.
If all assets finish positive, the payout at maturity will be par plus the coupon. Investors will receive par if the worst performer declines by 25% or less and will lose 1% for every 1% that the worst performer declines from its initial level if it declines more than 25%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying assets: | S&P 500 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF
|
| Amount: | $20,117,000
|
| Maturity: | Oct. 31, 2023
|
| Coupon: | 10.51%, paid quarterly if all assets close above coupon barrier levels on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if all assets finish above initial level; par if worst performer declines not more than 25%; otherwise, full exposure to losses of worst performer
|
| Call: | Automatically at par plus coupon due if all underlyings close above initial levels on any quarterly redemption determination date
|
| Initial levels: | 4,596.42 for S&P, 15,778.16 for Nasdaq, $71.15 for ETF
|
| Coupon barrier levels: | 3,447.315 for S&P, 11,833.62 for Nasdaq, $53.363 for ETF; 75% of initial levels
|
| Barrier levels: | 3,447.315 for S&P, 11,833.62 for Nasdaq, $53.363 for ETF; 75% of initial levels
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61773F7F4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
