Published on 3/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $31.80 million contingent income autocalls on ETF, two indexes
By Marisa Wong
Los Angeles, March 25 – Morgan Stanley Finance LLC priced $31,795,000 of contingent income autocallable securities due March 28, 2023 tied to the S&P 500 index, the Nasdaq-100 index and the SPDR S&P MidCap 400 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.25% if each underlying closes at or above its coupon barrier level, 75% of the initial value, on the related quarterly observation date.
The notes will be automatically called at par if each underlying closes at or above its initial value on any quarterly call determination date.
If each underlying finishes at or above its downside threshold level, 75% of the initial value, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst-performing asset from its initial value.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlyings: | S&P 500 index, Nasdaq-100 index and SPDR S&P MidCap 400 ETF trust
|
| Amount: | $31,795,000
|
| Maturity: | March 28, 2023
|
| Coupon: | 9.25% per year, payable each quarter that each underlying closes at or above downside threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each underlying finishes at or above downside threshold, par; otherwise, full exposure to decline of worst-performing underlying from its initial value
|
| Call option: | At par if each underlying closes at or above its initial value on any quarterly call determination date
|
| Initial value: | 3,910.52 for S&P, 13,017.79 for Nasdaq, $460.74 for ETF
|
| Downside threshold: | 2,932.89 for S&P, 9,763.343 for Nasdaq, $345.555 for ETF; 75% of initial value
|
| Pricing date: | March 23
|
| Settlement date: | March 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61771VLN8
|
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