Published on 4/29/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $636,000 jump autocallables tied to four stocks
By Kiku Steinfeld
Chicago, April 29 – Morgan Stanley Finance LLC priced $636,000 of jump securities with autocallable feature due Oct. 1, 2026 linked to Blackstone Group Inc., Capital One Financial Corp., Regions Financial Corp. and Wells Fargo & Co. common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at 20% per year if the closing price of each underlying stock is greater than or equal to its corresponding call level on any annual call determination date including the maturity date. The call level will start at 100% of each stock’s initial price and will drop by 2.5% per year to a call level of 90% at maturity.
If the notes are not called – meaning that any stock finishes below 90% – the payout at maturity will be par unless the worst performing stock closes below its 65% trigger level. Investors will be fully exposed to the decline of the worst performer if it finishes below its trigger level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying stocks: | Blackstone Group Inc., Capital One Financial Corp., Regions Financial Corp. and Wells Fargo & Co.
|
| Amount: | $636,000
|
| Maturity: | Oct. 1, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 100% if worst performing stock finishes at or above 90% its initial level; par if worst performing stock declines below 90% but finishes at or above its trigger level; otherwise, full exposure to decline of worst performing stock
|
| Call: | Automatically at 20% per year if the closing price of each stock is greater than or equal to its call level on any annual call determination date including maturity; call level starts at 100% of each stock’s initial price and drops by 2.5% each year to 90% at maturity
|
| Initial levels: | $118.18 for Blackstone, $167.38 for Capital One, $21.58 for Regions, $45.92 for Wells Fargo
|
| Trigger levels: | $76.817 for Blackstone, $108.797 for Capital One, $14.027 for Regions, $29.848 for Wells Fargo, 65% of initial levels
|
| Pricing date: | Sept. 28, 2021
|
| Settlement date: | Oct. 1, 2021
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61773FN90
|
|
|
© 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.
