Published on 7/16/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.86 million dual directional participation notes on Russell, Nasdaq
By Kiku Steinfeld
Chicago, July 16 – Morgan Stanley Finance LLC priced $1.86 million of 0% dual directional buffered participation securities due March 2, 2023 linked to the worse performing of the Russell 2000 index and the Nasdaq-100 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, capped at par plus 18%.
If either index falls but not by more than 10%, 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 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered participation securities
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| Underlying index: | Russell 2000, Nasdaq-100 index
|
| Amount: | $1,861,000
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| Maturity: | March 2, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than initial level, par plus gain of lesser-performing index return, capped at par plus 18%; if lesser-performing index falls by up to 10%, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss lesser-performing index beyond 10%
|
| Initial levels: | 13,657.73 for Nasdaq, 2,205.750 for Russell
|
| Buffer levels: | 12,291.957 for Nasdaq, 1,985.175 for Russell; 90% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.875%
|
| Cusip: | 61771VF54
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