Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $13.78 million callable contingent income notes on ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, June 16 – Morgan Stanley Finance LLC priced $13.78 million of callable contingent income securities due June 13, 2023 linked to the MSCI EAFE index, the iShares MSCI Brazil ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.1% per year if each asset closes at or above its coupon barrier level, 65% of its initial level, on the observation date that period.
If the lowest-performing asset finishes at or above its final barrier level, 65% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the lowest-performing asset from its initial level.
The notes will be callable at par on any quarterly redemption date after six months.
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 assets: | MSCI EAFE index, iShares MSCI Brazil ETF and S&P 500 index
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| Amount: | $13,783,000
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| Maturity: | June 13, 2023
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| Coupon: . | 10.1% per year, payable quarterly if each asset closes at or above coupon barrier level observation date that quarterly period
|
| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier level, par; otherwise, full exposure to decline of lowest-performing asset from its initial level
|
| Call option: | At par on any quarterly redemption date after six months
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| Initial levels: | 2,367.28 for EAFE, 4,227.26 for S&P, $41.64 for ETF
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| Coupon barriers: | 1,538.732 for EAFE, 2,747.719 for S&P, $27.066 for ETF, 65% of initial levels
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| Final barrier levels: | 1,538.732 for EAFE, 2,747.719 for S&P, $27.066 for ETF, 65% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61771V5C0
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