Published on 1/19/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.67 million contingent income buffered autocalls on indexes
By Emma Trincal
New York, Jan. 19 – Morgan Stanley Finance LLC sold $1.67 million of contingent income buffered autocallable securities due Jan. 19, 2024 tied to the worst performing of the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 9.25% per year if each index closes at or above its coupon threshold level, 80% of its initial level, on the related determination date.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly redemption determination date.
If the final level of each index is greater than or equal to 80% of its initial level, the payout at maturity will be par plus the last contingent coupon. Otherwise, investors will lose 1% for every 1% that the least-performing index declines beyond 20%.
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 buffered autocallable securities
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1.67 million
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| Maturity: | Jan. 19, 2024
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| Coupon: | 9.25% per year, payable each month if each index closes at or above its coupon threshold level on the related determination date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below buffer level, in which case investors will be fully exposed to the performance of the least performing index beyond 80%
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly redemption determination date
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| Initial levels: | 2,155.349 for Russell, 12,898.69, for Nasdaq and 30,991.52, for Dow
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| Coupon thresholds: | 1,724.279 for Russell, 10,318.952 for Nasdaq and 24,793.216 for Dow; 80% of initial levels
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| Buffer levels: | 1,724.279 for Russell, 10,318.952 for Nasdaq and 24,793.216 for Dow; 80% of initial levels
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| Pricing date: | Jan. 14
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| Settlement date: | Jan. 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61771EC30
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