Published on 1/1/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.38 million contingent income buffered autocalls on S&P, Russell
By Kiku Steinfeld
Chicago, Jan. 3 – Morgan Stanley Finance LLC priced $3.38 million of contingent income buffered autocallable securities due Dec. 5, 2022 linked to the worst performing of the Russell 2000 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 an annualized rate of 9.25% if each index closes at or above its coupon barrier level, 90% of its initial level, on the determination date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly determination date.
If the final level of each index is greater than or equal to 90% of its initial level, the payout at maturity will be par plus the last contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing index declines beyond 10%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $3,380,000
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| Maturity: | Dec. 5, 2022
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| Coupon: | 9.25% annual rate if each index closes at or above coupon barrier level on quarterly determination date
|
| Price: | Par
|
| Call: | At par if each index closes at or above its initial level on any quarterly determination date
|
| Payout at maturity: | If final level of each index is greater than or equal to 90% of initial level, par plus last contingent coupon; otherwise, 1% loss for every 1% that worst-performing index declines beyond 10%
|
| Initial index levels: | 2,198.908 for Russell, 4,567.00 for S&P
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| Coupon barrier levels: | 1,979.017 for Russell, 4,110.30 for S&P; 90% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.6%
|
| Cusip: | 61773HKB4
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