Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $635,000 callable contingent income securities on indexes
By Taylor Fox
New York, Nov. 23 – Morgan Stanley Finance LLC sold $635,000 of callable contingent income securities due Nov. 17, 2022 tied to the worst performing of the Russell 2000 index, the S&P 500 index and the MSCI Emerging Markets 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 6% per year if each index closes at or above its coupon threshold level, 60% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless any index finishes below its 60% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
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: | Callable contingent income securities
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| Underlying indexes: | Russell 2000 index, S&P 500 index and MSCI Emerging Markets index
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| Amount: | $635,000
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| Maturity: | Nov. 17, 2022
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| Coupon: | 6% per year, payable each quarter if each index closes at or above its coupon threshold level on the related determination date
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| Price: | Par
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| Call option: | At par on any quarterly observation date after six months
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| Payout at maturity: | Par plus any coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
| Initial levels: | 1,744.042 for Russell, 3,585.15 for S&P, 1,188.35 for MSCI
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| Coupon thresholds: | 1,046.425 for Russell, 2,151.09 for S&P, 713.01 for MSCI, or 60% of initial levels
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| Downside threshold levels: | 1,046.425 for Russell, 2,151.09 for S&P, 713.01 for MSCI, or 60% of initial levels
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61771EKV9
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