Published on 6/11/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.03 million worst-of fixed coupon autocallable RevCons on stocks
By Kiku Steinfeld
Chicago, June 10 – Morgan Stanley Finance LLC priced $3.03 million of 8.4% worst-of fixed coupon autocallable RevCons due Nov. 15, 2022 linked to the worst performing of the shares of Mastercard Inc., Pinterest, Inc. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level on a monthly determination date after four months, the notes will be automatically called at par. The redemption threshold level of each stock will be set at 90% of its initial level and will decrease to 85% of its initial level on March 7, 2022.
If each stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Mastercard Inc., Pinterest, Inc. and Twitter, Inc.
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| Amount: | $3.03 million
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| Maturity: | Nov. 15, 2022
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| Coupon: | 8.4%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Call: | After four months, automatically at par if each stock closes at or above its redemption threshold level, 90% of initial level decreasing to 85% of initial level on March 7, 2022
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| Initial share prices: | $375.48 for Mastercard, $59.22 for Pinterest, $53.81 for Twitter
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| Downside thresholds: | $187.74 for Mastercard, $29.61 for Pinterest, $26.905 for Twitter; 50% of initial levels
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771VL81
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