Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.32 million buffered PLUS linked to stock basket
By Taylor Fox
New York, Feb. 16 – Morgan Stanley Finance LLC priced $1.32 million of 0% buffered Performance Leveraged Upside Securities due Jan. 20, 2023 linked to an equally-weighted basket of five stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the common stocks of Expedia Group, Inc., Hilton Worldwide Holdings Inc., Royal Caribbean Cruises Ltd., United Airlines Holdings, Inc. and Wynn Resorts, Ltd.
If the return of basket is greater than or equal to its initial value, the payout will be par plus 150% of the basket return, up to par plus 29%.
If the basket falls by up to 15%, the payout will be par.
If the basket falls by more than 15%, investors will lose 1% for every 1% decline of the basket beyond 15% buffer.
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: | Buffered Performance Leveraged Upside Securities
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Underlying basket: | Expedia Group, Inc., Hilton Worldwide Holdings Inc., Royal Caribbean Cruises Ltd., United Airlines Holdings, Inc. and Wynn Resorts, Ltd., equally weighted
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Amount: | $1,316,000
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Maturity: | Jan. 20, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the return of basket is greater than or equal initial value, par plus 150% of basket return, up to par plus 29%; if the basket falls by up to 15%, par; if the basket falls by more than 15%, 1% loss for every 1% decline of the basket beyond 15% buffer
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Initial levels: | $144.17 for Expedia, $112.11 for Hilton, $75.84 for Royal Caribbean, $46.29 for United and $109 for Wynn
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Buffer level: | 85% of initial basket level
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Pricing date: | Jan. 14
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Settlement date: | Jan. 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 61771EYX0
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