Published on 4/12/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.82 million callable contingent income notes on Select Sector funds
By Kiku Steinfeld
Chicago, April 12 – Morgan Stanley Finance LLC priced $1.82 million of callable contingent income securities due Sept. 27, 2024 linked to the Financial Select Sector SPDR Fund, the Energy Select Sector SPDR Fund and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.75%, paid quarterly, if each underlying fund closes at or above its 70% downside threshold on the related quarterly observation date.
The securities may be called starting March 29, 2022 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing fund closes below its 70% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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 ETFs: | Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF
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| Amount: | $1.82 million
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| Maturity: | Sept. 27, 2024
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| Coupon: | 14.75%, paid quarterly, if each underlying fund closes at or above its 70% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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| Call: | Starting March 29, 2022 at par on any quarterly call date
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| Initial levels: | $130.37 for Biotech, $50.90 for Energy, $38.22 for Financial
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| Downside thresholds: | $91.259 for Biotech, $35.63 for Energy, $26.754 for Financial, 70% of initial levels
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| Pricing date: | Sept. 24, 2021
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| Settlement date: | Sept. 29, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61773FYV9
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