Published on 10/29/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.31 million dual directional buffered securities on two indexes
By William Gullotti
Buffalo, N.Y., Oct. 29 – Morgan Stanley Finance LLC priced $1.31 million of 0% dual directional buffered participation securities due Aug. 1, 2024 linked to the worse performing of the Nasdaq-100 index and the Russell 2000 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 up to a maximum payout of par plus 20%.
If either index falls but not by more than 15%, 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 the worst performing index beyond 15%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | Russell 2000 index, Nasdaq-100 index
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| Amount: | $1,313,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each is greater than initial index level, par plus lesser-performing index return, up to a maximum payout of par plus 20%; if lesser-performing index falls by up to 85% buffer level, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss of the worst performing index beyond 15%
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| Initial levels: | 2,191.833 for Russell, 14,956.97 for Nasdaq
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| Buffer levels: | 1,863.058 for Russell, 12,713.425 for Nasdaq; 85% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 3%
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| Cusip: | 61773FDP5
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