Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.53 million callable contingent income securities on indexes
By William Gullotti
Buffalo, N.Y., Aug. 26 – Morgan Stanley Finance LLC sold $2.53 million of callable contingent income securities due Aug. 23, 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 monthly coupon at the rate of 9.25% 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 monthly observation date after three 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
|
| 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: | $2,529,000
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| Maturity: | Aug. 23, 2024
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| Coupon: | 9.25% per year, payable monthly if each index closes at or above its coupon threshold level on the related determination date
|
| 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
|
| Call option: | At par on any monthly observation date after three months
|
| Initial levels: | 35,120.08 for Dow, 2,167.6 for Russell, 15,092.57 for Nasdaq
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| Coupon threshold levels: | 26,340.06 for Dow, 1,625.7 for Russell, 11,319.428 for Nasdaq; 75% of initial levels
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| Downside threshold levels: | 24,584.056 for Dow, 1,517.32 for Russell, 10,564.799 for Nasdaq; 70% of initial levels
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| Pricing date: | Aug. 20
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| Settlement date: | Aug. 25
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61773FRA3
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