Published on 8/13/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7 million callable contingent income notes on indexes
By William Gullotti
Buffalo, N.Y., Aug. 13 – Morgan Stanley Finance LLC priced $7 million of callable contingent income securities due Feb. 7, 2024 linked to the least performing of the S&P 500 index, the MSCI Emerging Markets index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at the rate of 7.65% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the corresponding observation date.
The notes may be called at par on any quarterly observation date.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon.
If any index finishes below its barrier level, investors will lose 1% for every 1% decline of the worst performer 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: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index, MSCI Emerging Markets index
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| Amount: | $7,000,000
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| Maturity: | Feb. 7, 2024
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| Coupon: | 7.65% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above barrier level; if any index finishes below barrier level, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call: | At par on any quarterly observation date
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| Initial levels: | 1,293.11 for MSCI EM, 4,387.16 for S&P, 2,215.495 for Russell
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| Coupon barrier levels: | 905.177 for MSCI EM, 3,071.012 for S&P, 1,550.847 for Russell; 70% of initial levels
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| Barrier levels: | 905.177 for MSCI EM, 3,071.012 for S&P, 1,550.847 for Russell; 70% of initial levels
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| Pricing date: | Aug. 2
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| Settlement date: | Aug. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.875%
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| Cusip: | 61773FMH3
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