Published on 5/5/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $14.61 million trigger gears on index basket
By Wendy Van Sickle
Columbus, Ohio, May 5 – Morgan Stanley Finance LLC priced $14.61 million of 0% trigger gears due April 30, 2031 linked to an unequally weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The basket consists of Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight, the S&P/ASX 200 index with a 7.5% weight.
If the basket return is positive, the payout at maturity will be par of $10 plus 2.54 times the basket return.
Investors will receive par if the basket declines by 30% or less and will be fully exposed to the basket’s decline from its initial level if it declines by more than 30%.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger gears
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| Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index 10% weight), S&P/ASX 200 index (7.5% weight)
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| Amount: | $14,611,000
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| Maturity: | April 30, 2031
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 2.54 times any basket gain; par if basket declines by 30% or less; full exposure to basket’s decline from its initial level if it declines by more than 30%
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| Initial levels: | 4,015.03 for Stoxx, 29,053.97 for Nikkei, 6,963.67 for FTSE, 7,064.668 for ASX, 11,103.46 for Swiss
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| Downside threshold: | 70% of initial value
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| Pricing date: | April 28
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| Settlement date: | April 30
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| Agents: | Morgan Stanley & Co. LLC with UBS Financial Services Inc. acting as dealer
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| Fees: | 5%
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| Cusip: | 61772X337
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