Published on 10/21/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $20 million autocallable quarterly review notes linked to oil
By Wendy Van Sickle
Columbus, Ohio, Oct. 21 – Morgan Stanley Finance LLC priced $20 million of 0% autocallable quarterly review notes due Oct. 28, 2022 linked to Brent crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an 18.25% annualized premium if the settlement price of oil is greater than or equal to the initial oil price on Jan. 25, 2022, April 26, 2022 or July 26, 2022.
If the notes are not called and the final oil price is at least 70% of the initial price, the payout at maturity will be par plus 18.25%. Otherwise, investors will be fully exposed to the loss.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Autocallable quarterly review notes
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| Underlying commodity: | Brent crude oil
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| Amount: | $20 million
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| Maturity: | Oct. 28, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final oil price is at least 70% of initial price, par plus 18.25%; otherwise, full exposure to loss
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| Call: | Automatically at par plus an 18.25% annualized premium if settlement price of oil is greater than or equal to initial level on Jan. 25, 2022, April 26, 2022 or July 26, 2022
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| Initial oil price: | $83.35
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| Downside threshold: | $58.345, 70% of initial price
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| Final oil price: | Average of oil prices on five trading days ending Oct. 25, 2022
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 21
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| Agent: | Morgan Stanley & Co. LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 0.4%
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| Cusip: | 61773FEL3
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