Published on 8/13/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $4.6 million contingent income autocalls on DoorDash, Uber
By William Gullotti
Buffalo, N.Y., Aug. 13 – Morgan Stanley Finance LLC priced $4.6 million of contingent income autocallable securities due June 20, 2024 linked to the shares of DoorDash, Inc. and Uber Technologies, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent monthly coupon at an annual rate of 20% if each underlying stock closes at or above its 60% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any monthly review date after three months.
The payout at maturity will be par plus the final coupon unless any underlying stock finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Issue: | Contingent income autocallable securities
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| Guarantor: | Morgan Stanley
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| Underlying stocks: | DoorDash, Inc., Uber Technologies, Inc.
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| Amount: | $4,600,000
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| Maturity: | June 20, 2024
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| Coupon: | 20% annualized, payable monthly if each stock closes at or above coupon barrier on relevant review date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus the final coupon; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any monthly call date after three months
|
| Initial levels: | $164.52 for DoorDash, $49.70 for Uber
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| Coupon barrier levels: | $98.712 for DoorDash, $29.82 for Uber; 60% of initial levels
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| Downside thresholds: | $98.712 for DoorDash, $29.82 for Uber; 60% of initial levels
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| Pricing date: | June 17
|
| Settlement date: | June 22
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.25%
|
| Cusip: | 61771V5G1
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