Published on 7/17/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.3 million contingent income autocalls on indexes
By Kiku Steinfeld
Chicago, July 19 – Morgan Stanley Finance LLC priced $3.3 million of contingent income autocallable securities due Nov. 30, 2022 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 5.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par unless any index finishes below its initial level and ever closed 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.
The agent is Morgan Stanley & Co. LLC.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, the Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $3,299,000
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| Maturity: | Nov. 30, 2022
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| Coupon: | 5.25% per year, payable quarterly if each index closes at or above barrier level on determination date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and ever closed 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 call determination date
|
| Initial levels: | 34,312.46 for Dow, 2,207.250 for Russell and 13,657.73 for Nasdaq
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| Coupon barrier levels: | 24,018.722 for Dow, 1,544.025 for Russell and 9,560.411 for Nasdaq; 70% of initial levels
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| Downside threshold levels: | 24,018.722 for Dow, 1,544.025 for Russell and 9,560.411 for Nasdaq; 70% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771VXX3
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