Published on 6/26/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $982,000 13.75% contingent income autocalls on ETFs
By Kiku Steinfeld
Chicago, June 27 – Morgan Stanley Finance LLC priced $982,000 of contingent income autocallable securities due Dec. 19, 2023 linked to the SPDR S&P Biotech ETF and Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.75%, paid quarterly, if each underlying fund closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting June 14, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing ETF closes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
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 ETFs: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
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| Amount: | $982,000
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| Maturity: | Dec. 19, 2023
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| Coupon: | 13.75%, paid quarterly, if each underlying fund closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF closes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
|
| Call: | Automatically starting June 14, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $108.77 for Biotech, $55.42 for Energy
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| Downside thresholds: | $76.139 for Biotech, $38.794 for Energy, 70% of initial levels
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| Coupon barrier: | $81.578 for Biotech, $41.565 for Energy, 75% of initial levels
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| Pricing date: | Dec. 14, 2021
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| Settlement date: | Dec. 17, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61773HTV1
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