Published on 4/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.06 million buffered participation notes on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, April 26 – Morgan Stanley Finance LLC priced $7.06 million of 0% buffered participation securities with downside factor due Oct. 6, 2023 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 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 up to par plus 34%.
If either index falls but not by more than 25%, the payout will be par.
Otherwise, investors will lose 1.333% 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 with downside factor
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| Underlying index: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $7.06 million
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| Maturity: | Oct. 6, 2023
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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 up to par plus 34%; if lesser-performing index falls by up to 25%, par; otherwise, 1.333% loss for each 1% loss lesser-performing index beyond the buffer
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| Initial index levels: | 33,153.21 for Dow, 2,253.903 for Russell, 4,019.87 for S&P
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| Coupon barrier levels: | 24,864.908 for Dow, 1,079.504 for Russell, 3,014.903 for S&P; 75% of initial levels
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| Downside thresholds: | 24,864.908 for Dow, 1,079.504 for Russell, 3,014.903 for S&P; 75% of initial levels
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| Pricing date: | April 1
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| Settlement date: | April 7
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 61771VSE1
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