Published on 5/9/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $520,000 dual directional buffered PLUS on Stoxx, EAFE ETF
Chicago, May 10 – Morgan Stanley Finance LLC priced $520,000 of 0% dual directional buffered Performance Leveraged Upside Securities due Sept. 27, 2023 linked to the worst performing of the Euro Stoxx 50 index and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each asset finishes above its initial level, the payout at maturity will be par plus 1.2 times the gain of the lesser performing asset, capped at par plus 17.5%.
If either asset falls but neither falls by more than 15%, the payout will be par plus the absolute value of the return of the lesser performing asset.
Otherwise, investors will be exposed to any decline in the lesser performing asset beyond the 15% buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered Performance Leveraged Upside Securities
|
| Underlying assets: | Euro Stoxx 50 index, iShares MSCI EAFE ETF
|
| Amount: | $520,000
|
| Maturity: | Sept. 27, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each asset gains, par plus 1.2 times the lesser-performing asset return capped at par plus 17.5%; if lesser-performing asset falls by up to 15%, par plus absolute value of the return of that asset; otherwise, exposure to any decline of lesser-performing asset beyond 15%
|
| Initial levels: | 3,833.84 for index, $76.50 for ETF
|
| Buffer levels: | 3,258.764 for index, $65.025 for ETF; 85% of initial levels
|
| Pricing date: | March 22
|
| Settlement date: | March 25
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.5%
|
| Cusip: | 61771VLR9
|
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