Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.4 million dual directional buffered securities on three indexes
By William Gullotti
Buffalo, N.Y., July 15 – Morgan Stanley Finance LLC priced $1.4 million of 0% dual directional buffered participation securities due March 16, 2023 linked to the worse performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above its initial level, the payout at maturity will be par plus the gain of the laggard index up to a maximum payout of par plus 17.5%.
If any index falls but no index falls by more than 15%, the payout will be par plus the absolute value of the return of the laggard index.
Otherwise, investors will lose 1% for each 1% loss of the laggard index beyond 15%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
|
| Amount: | $1.4 million
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| Maturity: | March 16, 2023
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| Coupon: | 0%
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| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than initial level, par plus gain of laggard index, up to maximum payout of par plus 17.5%; if laggard index falls by up to 15%, par plus absolute value of laggard index’s return; otherwise, 1% loss for each 1% loss of laggard index beyond 15%
|
| Initial levels: | 34,996.18 for Dow, 2,281.825 for Russell, 14,877.89 for Nasdaq
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| Buffer levels: | 29,746.753 for Dow, 1,939.551 for Russell, 12,646.207 for Nasdaq; 85% of initial levels
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| Pricing date: | July 12
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| Settlement date: | July 15
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.6%
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| Cusip: | 61773FFS7
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