Published on 7/16/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.1 million trigger PLUS linked to Nasdaq, S&P, Russell
By Kiku Steinfeld
Chicago, July 16 – Morgan Stanley Finance LLC priced $1.1 million of 0% trigger Performance Leveraged Upside Securities due May 29, 2026 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes above its initial level, the payout at maturity will be par plus 400% of the least-performing index’s return, capped at $1,430 per $1,000 note.
If the final level of any index is less than or equal to its initial level but the final level of each index is greater than or equal to its trigger level, the payout will be par. For each index, the trigger level is 65% of its initial level.
If the final level of any index is less than its trigger level, investors will be exposed to the decline of the least-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger Performance Leveraged Upside Securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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| Amount: | $1,095,000
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| Maturity: | May 29, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes above initial level, par plus 400% of least-performing index’s return, capped at $1,430 per $1,000 note; if final level of any index is less than or equal to initial level but final level of each index is greater than or equal to trigger level, par; if final level of any index is less than trigger level, exposure to decline of least-performing index from initial level
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| Initial index levels: | 2,205.750 for Russell, 4,188.13 for S&P, 13,657.73 for Nasdaq
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| Trigger levels: | 1,433.738 for Russell, 2,722.285 for S&P, 8,877.525 for Nasdaq; 65% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.2%
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| Cusip: | 61771VXT2
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