Published on 5/3/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $575,000 callable contingent income notes on EM ETF, Russell
Chicago, May 3 – Morgan Stanley Finance LLC priced $575,000 of callable contingent income securities due March 22, 2024 linked to the iShares MSCI Emerging Markets ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent coupon at the rate of 9.25% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
If the lowest-performing asset finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the lowest-performing asset from its initial level.
The notes will be callable at par on any semiannual redemption date.
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 assets: | iShares MSCI Emerging Markets ETF and Russell 2000 index
|
| Amount: | $575,000
|
| Maturity: | March 22, 2024
|
| Coupon: . | 9.25% per year, payable semiannually if each asset closes at or above coupon barrier level observation date that semiannual period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier level, par; otherwise, full exposure to decline of lowest-performing asset from its initial level
|
| Call option: | At par on any semiannual redemption date
|
| Initial levels: | 2,287.545 for Russell, $54.08 for ETF
|
| Coupon barriers: | 1,601.282 for Russell, $37.856 for ETF, 70% of initial levels
|
| Final barrier levels: | 1,601.282 for Russell, $37.856 for ETF, 70% of initial levels
|
| Pricing date: | March 19
|
| Settlement date: | March 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61771VFJ4
|
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