Published on 8/11/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.1 million dual directional buffered notes on indexes
By Taylor Fox
New York, Aug. 11 – Morgan Stanley Finance LLC priced $2.1 million of 0% dual directional buffered participation securities due Feb. 8, 2023 linked to the worse performing of 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, capped at par plus 30%.
If either index falls but not by more than 20%, the payout will be par plus 0.5 times the absolute value of the return of the laggard index.
Otherwise, investors will lose 1.25% 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
|
| Underlying index: | Russell 2000, S&P 500 index
|
| Amount: | $2,100,000
|
| Maturity: | Feb. 8, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of each is greater than initial index level, par plus the gain of lesser-performing index return, capped at par plus 30%; if lesser-performing index falls by up to 20%, par plus 0.5 times absolute value of lesser-performing index return; otherwise, 1.25% loss for each 1% loss lesser-performing index beyond 20%
|
| Initial levels: | 3,830.17 for S&P, 2,159.703 for Russell
|
| Buffer levels: | 3,064.136 for S&P, 1,727.762 for Russell; 80% of initial levels
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 8
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.5%
|
| Cusip: | 61771E4A3
|
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