Published on 10/20/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.56 million contingent income autocalls on three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 20 – Morgan Stanley Finance LLC priced $2.56 million of contingent income autocallable securities due April 6, 2023 tied to the least performing of the Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 77% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the coupon if each index closes at or above 90% of its initial level on any monthly call determination date after six months.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
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 indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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Amount: | $2,556,000
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Maturity: | April 6, 2023
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Coupon: | 6% per year, payable monthly if each index closes at or above coupon barrier level on any observation date
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; if any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
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Call: | At par plus coupon if each index closes at or above 90% of its initial level on any monthly call determination date after six months
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Initial levels: | 14,791.87 for Nasdaq, 2,241.632 for Russell, 34,326.46 for Dow
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Coupon barriers: | 11,389.74 for Nasdaq, 1,726.057 for Russell, 26,431.374 for Dow; 77% of initial levels
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Downside threshold levels: | 10,354.309 for Nasdaq, 1,569.142 for Russell, 24,028.522 for Dow; 70% of initial levels
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Pricing date: | Oct. 1
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Settlement date: | Oct. 6
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.875%
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Cusip: | 61773FH30
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