Published on 8/21/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, Aug. 23 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due Aug. 4, 2022 linked to the worst performing of the Nasdaq-100 index, the Euro Stoxx 50 index and the Energy Select Sector SPDR fund according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its coupon threshold level, 75% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that period at an annualized rate of 10%.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly determination date after six months.
If each underlier finishes at or above its 75% downside threshold level, the payout at maturity will be par plus any final contingent coupon. Otherwise, investors will have full exposure to the performance of the least-performing underlier.
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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| Underliers: | Nasdaq-100 index, the Euro Stoxx 50 index and Energy Select Sector SPDR fund
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| Amount: | $250,000
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| Maturity: | Aug. 4, 2022
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| Coupon: | 10% per year, payable quarterly if each underlier closes at or above coupon threshold level on determination date for that period
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon if due; otherwise, investors will have full exposure to the performance of the least-performing underlier
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| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date after six months
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| Initial levels: | 4,089.30 for Stoxx, 14,959.90 for Nasdaq, $49.39 for fund
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| Coupon threshold levels: | 3,066.975 for Stoxx, 11,219.925 for Nasdaq, $37.043 for fund, 75% of initial levels
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| Downside threshold levels: | 3,066.975 for Stoxx, 11,219.925 for Nasdaq, $37.043 for fund, 75% of initial levels
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61773FGV9
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