Published on 3/29/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $6.42 million contingent income autocalls on indexes
By Taylor Fox
New York, March 29 – Morgan Stanley Finance LLC priced $6.42 million of contingent income autocallable securities due March 21, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 7.8% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus any coupon due unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Contingent income autocallable securities
|
Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
|
Amount: | $6,421,000
|
Maturity: | March 21, 2024
|
Coupon: | 7.8% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
Price: | Par
|
Payout at maturity: | Par plus any coupon due unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
Call: | Automatically at par if each index closes at or above its initial level on any quarterly determination after six months
|
Initial levels: | 32,862.30 for Dow, 2,267.586 for Russell, 12,789.14 for Nasdaq
|
Barrier levels: | 23,003.61 for Dow, 1,587.31 for Russell, 8,952.398 for Nasdaq, 70% of initial levels
|
Pricing date: | March 18
|
Settlement date: | March 23
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | 2.5%
|
Cusip: | 61771VJQ4
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.