Published on 6/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $15.13 million contingent income autocalls on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, June 7 – Morgan Stanley Finance LLC priced $15.13 million of contingent income autocallable securities due June 2, 2023 tied to the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 7.75% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call determination date.
If the lowest-performing index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus any final coupon. If the lowest-performing index finishes below its downside threshold level, investors will be fully exposed to the decline of the lowest-performing index from its initial level.
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 indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $15,132,000
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| Maturity: | June 2, 2023
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| Coupon: | 7.75% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; if any index finishes below downside threshold level, full exposure to decline of lowest-performing index from its initial level
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| Call: | At par if each index closes at or above its initial level on any quarterly call determination date
|
| Initial levels: | 34,464.64 for Dow, 13,657.85 for Nasdaq, 2,273.073 for Russell
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| Coupon barriers: | 25,848.48 for Dow, 10,243.388 for Nasdaq, 1,704.805 for Russell; 75% of initial levels
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| Downside threshold levels: | 25,848.48 for Dow, 10,243.388 for Nasdaq, 1,704.805 for Russell; 75% of initial levels
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| Pricing date: | May 27
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| Settlement date: | June 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61771V4D9
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