Published on 1/18/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocallables on three indexes
New York, Jan. 18 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Aug. 30, 2024 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.5%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
The securities will be called automatically starting March 3, 2022 at par if the level of each underlying index is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 70% downside threshold in which case investors will be fully exposed to the decline of that index.
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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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Amount: | $1 million
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Maturity: | Aug. 30, 2024
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Coupon: | 7.5%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date; any previously unpaid coupons will be included whenever coupon payments are made
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Price: | Par
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Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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Call: | Automatically starting March 3, 2022 at par if the level of each underlying index is greater than or equal to its initial price on any monthly call determination date
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Initial level: | 15,432.95 for Nasdaq-100 index, 2,277.151 for Russell 2000 index, 4,509.37 for S&P 500 index
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Downside threshold: | 10,803.065 for Nasdaq-100 index, 1,594.006 for Russell 2000 index, 3,156.559 for S&P 500 index, 70% of initial levels
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Coupon barrier: | 12,346.36 for Nasdaq-100 index, 1,821.721 for Russell 2000 index, 3,607.496 for S&P 500 index, 80% of the initial levels
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Pricing date: | Aug. 27, 2021
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Settlement date: | Sept. 1, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61773FSV6
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