Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $906,000 11% contingent income autocallables on stocks
By Kiku Steinfeld
Chicago, March 28 – Morgan Stanley Finance LLC priced $906,000 of contingent income autocallable securities due Sept. 26, 2024 linked to Bank of America Corp., Home Depot, Inc. and United States Steel Corp. common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly observation date.
The securities will be called automatically starting Dec. 24, 2021 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| 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 stocks: | Bank of America Corp., Home Depot, Inc. and United States Steel Corp.
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| Amount: | $906,000
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| Maturity: | Sept. 26, 2024
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| Coupon: | 11%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying stock
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| Call: | Automatically starting Dec. 24, 2021 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $39.13 for Bank, $334.22 for Home, $21.48 for Steel
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| Downside thresholds: | $23.478 for Bank, $200.532 for Home, $12.888 for Steel, 60% of initial levels
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| Pricing date: | Sept. 21, 2021
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| Settlement date: | Sept. 24, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.75%
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| Cusip: | 61773FYJ6
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