Published on 6/21/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $410,000 12.75% contingent income autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, June 21 – Morgan Stanley Finance LLC priced $410,000 of contingent income autocallable securities due Sept. 1, 2023 linked to the Russell 2000 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.75%, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date starting May 31, 2022.
At maturity the payout will be par unless the worst performing asset closes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF
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Amount: | $410,000
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Maturity: | Sept. 1, 2023
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Coupon: | 12.75%, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
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Call: | Automatically at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date starting May 31, 2022
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Initial levels: | $71.64 for SPDR, 16,399.24 for Nasdaq, 2,241.976 for Russell
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Coupon barriers: | $57.312 for SPDR, 13,119.392 for Nasdaq, 1,793.581 for Russell, 80% of initial levels
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Downside thresholds: | $50.148 for SPDR, 11,479.468 for Nasdaq, 1,569.383 for Russell, 70% of initial levels
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Pricing date: | Nov. 29, 2021
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Settlement date: | Dec. 2, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61773HLC1
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