Morgan Stanley plans contingent income autocalls on S&P 500, Nasdaq

By Emma Trincal

New York, Aug. 20 – Morgan Stanley Finance LLC plans to price 0% contingent income autocallable securities due Aug. 25, 2022 linked to the worst performing of the S&P 500 index and the Nasdaq-100 index, according to an FWP filing 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 at least 8.75% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.

The notes will be called at par on if each index closes above its initial level on any quarterly determination date beginning Feb. 25, 2021.

The payout at maturity will be par unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.

Morgan Stanley & Co. LLC is the agent.

The notes will price Aug. 21 and settle Aug. 26.

The Cusip number is 61771BP73.

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