Published on 4/27/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $6.53 million jump autocalls on Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, April 27 – Morgan Stanley Finance LLC priced $6.53 million of 0% jump securities with autocallable feature due April 11, 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 will be automatically called at par plus 10.25% per year if each index closes at or above its call level, its initial level, on any quarterly determination date after six months.
If the final level of each index is greater than or equal to its call level, the payout at maturity will be par plus 30.75%.
If the final level of any index is less than its call level but the final level of each index is greater than or equal to its 70% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines 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: | Jump securities with autocallable feature
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| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
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| Amount: | $6,529,000
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| Maturity: | April 11, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to call level, par plus 30.75%; if final level of any index is less than call level but final level of each index is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that least-performing index declines
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| Call: | Automatically at par plus 10.25% per year if each index closes at or above initial level on any quarterly determination date after six months
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| Initial levels: | 13,616.7 for Nasdaq, 33,446.26 for Dow, 2,223.051 for Russell
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| Downside threshold levels: | 9,531.69 for Nasdaq, 23,412.382 for Dow, 1,556.136 for Russell; 70% of initial levels
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771VSQ4
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