Published on 6/14/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.57 million trigger autocallable contingent yield notes on Russell 2000, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 14 – Morgan Stanley Finance LLC priced $7.57 million of trigger autocallable contingent yield notes due June 10, 2024 linked to the least performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 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 8.05% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Russell 2000 index and Nasdaq-100 index
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Amount: | $7,566,600
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Maturity: | June 10, 2024
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Coupon: | 8.05%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Call: | At par plus coupon if each index closes at or above initial level on any observation date after six months
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Payout at maturity: | Par plus any final coupon due unless either index closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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Initial levels: | 13,393.12 for Nasdaq, 2,224.63 for Russell 2000
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Coupon barriers: | 9,375.18 for Nasdaq, 1,557.241 for Russell 2000; 70% of initial levels
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Downside thresholds: | 9,375.18 for Nasdaq, 1,557.241 for Russell 2000; 70% of initial levels
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Pricing date: | May 14
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Settlement date: | May 19
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Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61772X774
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