Published on 8/2/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.31 million contingent income autocalls on index, ETF
By William Gullotti
Buffalo, N.Y., Aug. 2 – Morgan Stanley Finance LLC priced $1.31 million of contingent income autocallable securities due June 10, 2024 linked to the performance of the Euro Stoxx 50 index and the iShares Latin America 40 ETF, according to a 424B2 filed with the Securities and Exchange Commission.
The securities are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 6.7% if each underlier closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus coupon if each underlier closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par plus any coupon due unless any underlier finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Issue: | Contingent income autocallable securities
|
| Guarantor: | Morgan Stanley
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| Underlying assets: | Euro Stoxx 50 index, iShares Latin America 40 ETF
|
| Amount: | $1,310,000
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| Maturity: | June 10, 2024
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| Coupon: | 6.7% annualized, payable quarterly if each underlier closes at or above coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above downside threshold, par plus any coupon due; otherwise, 1% loss for each 1% decline of worst performing underlier from its initial level
|
| Call: | At par plus coupon if each underlier closes at or above its initial level on any quarterly call date after six months
|
| Initial levels: | $32.28 for ETF, 4,089.38 for Stoxx
|
| Coupon barrier levels: | $22.596 for ETF, 2,862.566 for Stoxx; 70% of initial levels
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| Downside thresholds: | $22.596 for ETF, 2,862.566 for Stoxx; 70% of initial levels
|
| Pricing date: | June 4
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| Settlement date: | June 9
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61771V4V9
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