Published on 8/12/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.83 million callable contingent income securities on three indexes
By Kiku Steinfeld
Chicago, Aug. 12 – Morgan Stanley Finance LLC sold $1.83 million of callable contingent income securities due July 19, 2024 tied to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 5.5% per year if each index closes at or above its coupon threshold level, 75% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 70% 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
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Guarantor: | Morgan Stanley
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Issue: | Callable contingent income securities
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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Amount: | $1,828,000
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Maturity: | July 19, 2024
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Coupon: | 5.5% per year, payable quarterly if each index closes at or above its coupon threshold level on the related determination date
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Price: | Par
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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
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Call option: | At par on any quarterly observation date after six months
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Initial levels: | 34,687.85 for Dow, 2,163.238 for Russell, 14,681.38 for Nasdaq
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Coupon threshold levels: | 26,015.888 for Dow, 1,622.429 for Russell, 11,011.035 for Nasdaq; 75% of initial levels
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Downside threshold levels: | 24,281.495 for Dow, 1,514.267 for Russell, 10,276.966 for Nasdaq; 70% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61773FFT5
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