Published on 10/4/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.56 million contingent income autocalls on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Oct. 4 – Morgan Stanley Finance LLC priced $3.56 million of contingent income autocallable securities due Oct. 3, 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 quarterly contingent coupon at the rate of 7.1% 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 coupon if each index closes at or above its initial level on any quarterly call determination date after one year.
If the lowest-performing index finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the final index value of the worst performer from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| 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: | $3,563,000
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| Maturity: | Oct. 3, 2024
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| Coupon: | 7.1% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; if the worst performer finishes below its coupon barrier but at or above downside threshold level, par; otherwise, full exposure to decline of worst performer from its initial level
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly call determination date after one year
|
| Initial levels: | 14,770.3 for Nasdaq, 2,229.778 for Russell, 34,299.99 for Dow
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| Coupon barriers: | 10,339.21 for Nasdaq, 1,560.845 for Russell, 24,009.993 for Dow; 70% of initial levels
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| Downside threshold levels: | 8,862.18 for Nasdaq, 1,337.867 for Russell, 20,579.994 for Dow; 60% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61773FG80
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