Published on 12/14/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.28 million contingent income autocalls on Nasdaq, S&P, Russell
By Kiku Steinfeld
Chicago, Dec. 14 – Morgan Stanley Finance LLC priced $1.28 million of contingent income autocallable securities due Dec. 5, 2023 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly determination date after six months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
The agent is Morgan Stanley & Co. LLC.
| 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 indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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| Amount: | $1.28 million
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| Maturity: | Dec. 5, 2023
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| Coupon: | 8.5% per year, payable monthly if each index closes at or above barrier level on determination date for that month
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| Price: | Par
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| Payout at maturity: | Par due unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
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| Call: | Automatically at par if each index closes at or above its initial level on any monthly determination date after six months
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| Initial index levels: | 3,621.63 for S&P, 29,638.64 for Dow and 1,819.816 for Russell
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| Coupon barrier levels: | 2,535.141 for S&P, 20,747.048 for Dow and 1,273.871 for Russell; 70% of initial levels
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| Downside thresholds: | 2,535.141 for S&P, 20,747.048 for Dow and 1,273.871 for Russell; 70% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771EQU5
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