Published on 8/10/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $6.52 million contingent income autocalls on tech stocks
By William Gullotti
Buffalo, N.Y., Aug. 10 – Morgan Stanley Finance LLC priced $6.52 million of contingent income autocallable securities due May 23, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Tesla, Inc., Netflix, Inc. and Zoom Video Communications, 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 18% if each underlying stock closes at or above its 50% 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 one year.
The payout at maturity will be par plus any coupon due unless either underlying stock finishes below its 50% 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Amazon.com, Inc., Tesla, Inc., Netflix, Inc., Zoom Video Communications, Inc.
|
| Amount: | $6,520,000
|
| Maturity: | May 23, 2024
|
| Coupon: | 18% annualized, payable monthly if each stock closes at or above coupon barrier on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus any coupon due; otherwise, 1% loss for each 1% decline of worst performing stock
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any monthly call date after one year
|
| Initial levels: | $3,231.80 for Amazon, $563.46 for Tesla, $487.70 for Netflix, $310.46 for Zoom
|
| Coupon barrier levels: | $1,615.90 for Amazon, $281.73 for Tesla, $243.85 for Netflix, $155.23 for Zoom; 50% of initial levels
|
| Downside thresholds: | $1,615.90 for Amazon, $281.73 for Tesla, $243.85 for Netflix, $155.23 for Zoom; 50% of initial levels
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61771VT26
|
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