Published on 4/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.25 million contingent income autocalls on indexes
By Kiku Steinfeld
Chicago, April 26 – Morgan Stanley Finance LLC priced $3.25 million of contingent income autocallable securities due April 6, 2023 linked to the least performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 7.05% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
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, Dow Jones industrial average and S&P 500 index
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Amount: | $3,252,000
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Maturity: | April 6, 2023
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Coupon: | 7.05% per year, payable quarterly if each index closes at or above coupon barrier level on determination date for that quarter
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Price: | Par
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Payout at maturity: | Par 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 quarterly determination date
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Initial index levels: | 33,153.21 for Dow, 2,253.903 for Russell, 4,019.78 for S&P
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Coupon barrier levels: | 24,864.908 for Dow, 1,079.504 for Russell, 3,014.903 for S&P; 75% of initial levels
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Downside thresholds: | 24,864.908 for Dow, 1,079.504 for Russell, 3,014.903 for S&P; 75% of initial levels
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Pricing date: | April 1
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Settlement date: | April 7
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 61771VNK2
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