Published on 11/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.09 million contingent income autocalls tied to indexes
New York, Nov. 1 – Morgan Stanley Finance LLC priced $1.08 million of contingent income autocallable securities due March 28, 2024 linked to the worst performing of the Nasdaq-100 index, S&P 500 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7%, paid quarterly, if each underlying index closes at or above its 65% downside threshold on the related quarterly observation date.
The securities will be called automatically starting Sept. 27 at par if the level of each underlying index is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 65% downside threshold in which case investors will be fully exposed to the decline of that index.
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 indexes: | Nasdaq-100 index, S&P 500 index and Dow Jones industrial average
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Amount: | $1,085,000
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Maturity: | March 28, 2024
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Coupon: | 7% annual rate, paid quarterly, if each underlying index closes at or above its downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the underlying index.
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Call: | Automatically starting Sept. 27 at par if the level of each underlying index is greater than or equal to its initial price on any quarterly call determination date
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Initial level: | 32,619.48 for Dow, 12,780.51 for Nasdaq, 3,909.52 for S&P 500
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Downside threshold: | 21,202.662 for Dow, 8,307.332 for Nasdaq, 2,541.188 for S&P 500, 65% of initial levels
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Pricing date: | March 25
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Settlement date: | March 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61771VNU0
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