Published on 8/30/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.31 million contingent income autocalls on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Aug. 30 – Morgan Stanley Finance LLC priced $2.31 million of contingent income autocallable securities due Aug. 29, 2024 tied to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly call determination date after three months.
If the lowest-performing index finishes at or above its downside threshold level, 70% 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 index value of the lowest-performing index.
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 autocallable securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $2,309,000
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| Maturity: | Aug. 29, 2024
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| Coupon: | 8.5% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par plus the final coupon; otherwise, full exposure to decline of lowest-performing index from its initial level
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| Call: | At par plus coupon if each index closes at or above its initial level on any monthly call determination date after three months
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| Initial levels: | 15,368.92 for Nasdaq, 2,239.269 for Russell, 35,405.5 for Dow
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| Coupon barriers: | 10,758.244 for Nasdaq, 1,567.488 for Russell, 24,783.85 for Dow; 70% of initial levels
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| Downside threshold levels: | 10,758.244 for Nasdaq, 1,567.488 for Russell, 24,783.85 for Dow; 70% of initial levels
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61773FSL8
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