Published on 2/10/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.08 million contingent income autocalls on indexes, ETF
By William Gullotti
Buffalo, N.Y., Feb. 10 – Morgan Stanley Finance LLC priced $1.08 million of contingent income autocallable securities due April 23, 2026 tied to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the iShares China Large-Cap ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 9% per year if each underlying closes at or above its coupon barrier level, 75% of its initial level, on the observation date that period.
The notes will be automatically called at par if each underlying closes at or above its initial level on any quarterly call determination date after six months.
If the lowest-performing underlying finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the final underlying value of the worst performer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying assets: | Nasdaq-100 index, Russell 2000 index, iShares China Large-Cap ETF
|
| Amount: | $1,084,000
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| Maturity: | April 23, 2026
|
| Coupon: | 9% per year, payable quarterly if each asset closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | If each underlying finishes at or above downside threshold level, par; otherwise, full exposure to decline of worst performer from its initial level
|
| Call: | At par if each underlying closes at or above its initial level on any quarterly call determination date after six months
|
| Initial levels: | 13,907.67 for Nasdaq, 2,232.001 for Russell, $46.90 for ETF
|
| Coupon barriers: | 10,430.753 for Nasdaq, 1,674.001 for Russell, $35.175 for ETF; 75% of initial levels
|
| Downside threshold levels: | 10,430.753 for Nasdaq, 1,674.001 for Russell, $35.175 for ETF; 75% of initial levels
|
| Pricing date: | April 19, 2021
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| Settlement date: | April 22, 2021
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.35%
|
| Cusip: | 61771VUB4
|
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