Published on 7/17/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.28 million buffered participation notes on S&P, Nasdaq
By Kiku Steinfeld
Chicago, July 19– Morgan Stanley Finance LLC priced $2.28 million of 0% buffered participation securities due May 29, 2026 linked to the worse performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index, capped at par plus 35%.
If either index falls but not by more than 20%, the payout will be par.
Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the 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 participation securities
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Underlying index: | Nasdaq-100 index, S&P 500 index
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Amount: | $2.28 million
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Maturity: | May 29, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final level of each is greater than initial index level, par plus the gain of lesser-performing index return capped at par plus 35%; if lesser-performing index falls by up to 20%, par; otherwise, 1% loss for each 1% loss lesser-performing index beyond the buffer
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Initial levels: | 4,188.13 for S&P, 13,657.73 for Nasdaq
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Buffer levels: | 3,350.504 for S&P, 10,926.184 for Nasdaq; 80% of initial levels
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61771VXV7
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