Published on 4/21/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.42 million callable contingent income notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, April 21 – Morgan Stanley Finance LLC sold $1.42 million of callable contingent income securities due April 3, 2025 tied to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 5.5% per year if each index closes at or above its coupon threshold level, 65% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly call observation date after one year.
The payout at maturity will be par unless any index finishes below its 55% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Callable contingent income securities
|
Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
Amount: | $1,422,000
|
Maturity: | April 3, 2025
|
Coupon: | 5.5% per year, payable monthly if each index closes at or above its coupon threshold level on the related determination date
|
Price: | Par
|
Call option: | At par on any quarterly call observation date after one year
|
Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
Initial levels: | 3,972.89 for S&P, 32,981.55 for Dow, 2,220.519 for Russell
|
Coupon barrier levels: | 2,582.379 for S&P, 21,438.008 for Dow, 1,443.337 for Russell; 65% of initial levels
|
Trigger levels: | 2,185.09 for S&P, 18,139.853 for Dow, 1,221.285 for Russell; 55% of initial levels
|
Pricing date: | March 31
|
Settlement date: | April 6
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | 0.75%
|
Cusip: | 61771VRJ1
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.