Published on 3/11/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.46 million callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, March 11 – Morgan Stanley Finance LLC priced $2.46 million of callable contingent income securities due March 1, 2023 tied to the MSCI Emerging Markets index, the Nasdaq-100 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier level, 50% of its initial level, on the observation date that period.
The notes will be callable at par plus any coupon any quarterly call determination date after six months.
The payout at maturity will be par plus the final coupon unless the lowest-performing index finishes below its 50% downside threshold level, in which case investors will be fully exposed to the decline of the lowest-performing index from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Callable contingent income securities
|
Underlying indexes: | Nasdaq-100 index, Russell 2000 index, MSCI Emerging Markets index
|
Amount: | $2,457,000
|
Maturity: | March 1, 2023
|
Coupon: | 7% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
Price: | Par
|
Payout at maturity: | Par unless any index finishes below downside threshold level, in which case full exposure to decline of lowest-performing index from its initial level
|
Call option: | At par on any quarterly call determination date after six months
|
Initial levels: | 1,376.76 for EM, 13,302.19 for Nasdaq, 2,284.381 for Russell
|
Coupon barriers: | 688.38 for EM, 6,651.095 for Nasdaq, 1,142.191 for Russell; 50% of initial levels
|
Downside threshold levels: | 688.38 for EM, 6,651.095 for Nasdaq, 1,142.191 for Russell; 50% of initial levels
|
Pricing date: | Feb. 24
|
Settlement date: | March 1
|
Agent: | Morgan Stanley & Co. LLC
|
Fees: | 1.75%
|
Cusip: | 61771VBQ2
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.