Published on 8/18/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.07 million callable contingent income securities on indexes
By William Gullotti
Buffalo, N.Y., Aug. 18 – Morgan Stanley Finance LLC sold $1.07 million of callable contingent income securities due Feb. 18, 2025 tied to the worst 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.
Monthly, the notes will pay a contingent coupon at the rate of 6.05% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly redemption date after six months.
The payout at maturity will be par plus the coupon unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
|
| Amount: | $1,070,000
|
| Maturity: | Feb. 18, 2025
|
| Coupon: | 6.05% per year, payable monthly if each index closes at or above its coupon threshold level on the related determination date
|
| Price: | Par
|
| Call option: | At par on any quarterly redemption date after six months
|
| Payout at maturity: | Par plus coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
| Initial levels: | 13,001.63 for Nasdaq, 2,135.139 for Russell, 33,587.66 for Dow
|
| Coupon threshold levels: | 9,101.141 for Nasdaq, 1,494.597 for Russell, 23,511.362 for Dow; 70% of initial levels
|
| Downside threshold levels: | 9,101.141 for Nasdaq, 1,494.597 for Russell, 23,511.362 for Dow; 70% of initial levels
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61771VP20
|
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