Published on 12/4/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.2 million contingent income autocallables on hotel stocks
Chicago, Dec. 4 – Morgan Stanley Finance LLC priced $3.2 million of contingent income autocallable securities due April 4, 2024 linked to the worst performing of the common stocks of MGM Resorts International, Marriott International, Inc. and Wynn Resorts, Ltd., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if each underlying stock closes at or above its 55% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 55% downside threshold level.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Issue: | Contingent income autocallable securities
|
| Guarantor: | Morgan Stanley
|
| Underlying stocks: | MGM Resorts International, Marriott International, Inc. and Wynn Resorts, Ltd.
|
| Amount: | $3,200,000
|
| Maturity: | April 4, 2024
|
| Coupon: | 13% annualized rate, payable quarterly if each stock closes at or above coupon barrier on relevant review date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date after six months
|
| Initial levels: | $37.16 for MGM, $144.60 for Marriott, $123.50 for Wynn
|
| Coupon barrier levels: | $20.438 for MGM, $79.53 for Marriott, $67.925 for Wynn; 55% of initial levels
|
| Downside thresholds: | $20.438 for MGM, $79.53 for Marriott, $67.925 for Wynn; 55% of initial levels
|
| Pricing date: | March 29
|
| Settlement date: | March 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61771VQU7
|
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