Published on 1/8/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.87 million capped trigger in-step notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Morgan Stanley Finance LLC priced $2.87 million of 0% capped trigger in-step securities due Dec. 27, 2024 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final level of the least performing index is greater than or equal to the downside threshold, 75% of its initial level, the payout at maturity will be par of $10 plus the greater of the step return of 12% and the least performing index return, subject to a maximum gain of 55%. Otherwise, investors will have one-to-one exposure to the least performing index’s decline from its initial level.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Capped trigger in-step securities
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $2,873,000
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| Maturity: | Dec. 27, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the final level of least performing index is greater than or equal to the downside threshold, par plus the greater of 12% and the least performing index return, capped at 55%; otherwise, one-to-one exposure to the least performing index’s decline from its initial level
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| Initial level: | 3,6901.01 for S&P, 2,007.104 for Russell
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| Downside threshold: | 2,767.51 for S&P, 1,505.328 for Russell, 75% of initial level
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
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| Fees: | 3%
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| Cusip: | 61771J206
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