Published on 12/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $6.25 million step-down trigger autocalls on Nasdaq, Dow, Russell
By William Gullotti
Buffalo, N.Y., Dec. 1 – Morgan Stanley Finance LLC priced $6.25 million of 0% step-down trigger autocallable notes due Dec. 1, 2026 linked to 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 are guaranteed by Morgan Stanley.
After one year, the notes will be automatically called at par of $10 plus 7.85% per year if each index closes at or above its initial level on any quarterly observation date, except the final one when the call level will be the 70% redemption threshold.
If the notes are not subject to an automatic call and the worst performer finishes at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $6.25 million
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| Maturity: | Dec. 1, 2026
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the notes are not called and the worst performer finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performer from initial level
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| Call: | After one year, at par plus 7.85% per year if each index closes at or above its initial level on any quarterly observation date except the final one, when the call level will be the redemption threshold
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| Initial levels: | 16,367.81 for Nasdaq, 35,804.38 for Dow, 2,331.459 for Russell
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| Redemption thresholds: | 11,457.47 for Nasdaq, 25,063.07 for Dow, 1,632.021 for Russell; 70% of initial level
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| Downside thresholds: | 9,820.69 for Nasdaq, 21,482.63 for Dow, 1,398.875 for Russell; 60% of initial levels
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| Strike date: | Nov. 24
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| Pricing date: | Nov. 26
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| Settlement date: | Nov. 30
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| Agents: | UBS Financial Services Inc. and Morgan Stanley
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| Fees: | None
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| Cusip: | 61773N205
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