Published on 3/19/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.51 million callable contingent income notes on ETF, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, March 19 – Morgan Stanley Finance LLC priced $2.51 million of callable contingent income securities due March 3, 2027 linked to the Nasdaq-100 index, the iShares MSCI Emerging Markets ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 13% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
If the lowest-performing asset finishes at or above its knock-in level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the lowest-performing asset from its initial level.
The notes will be callable at par on any quarterly redemption date.
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 assets: | Nasdaq-100 index, iShares MSCI Emerging Markets ETF and Russell 2000 index
|
| Amount: | $2.51 million
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| Maturity: | March 3, 2027
|
| Coupon: | 13% per year, payable monthly if each asset closes at or above coupon barrier level observation date that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above knock-in level, par; otherwise, full exposure to decline of lowest-performing asset from its initial level
|
| Call option: | At par on any quarterly redemption date
|
| Initial levels: | 12,909.44 for Nasdaq, 2,201.051 for Russell 2000, $53.73 for ETF
|
| Coupon barriers: | 9,036.608 for Nasdaq, 1,540.736 for Russell 2000, $37.611 for ETF, 70% of initial levels
|
| Knock-in levels: | 9,036.608 for Nasdaq, 1,540.736 for Russell 2000, $37.611 for ETF, 70% of initial levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61771VDC1
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