Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.84 million dual directional buffered participation securities
By William Gullotti
Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $2.84 million of 0% dual directional buffered participation securities due Feb. 1, 2023 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 $1,210 per security.
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% decline of the lesser performing underlying beyond the 10% buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Dual directional buffered participation securities
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| Underlying index: | Nasdaq-100, Russell 2000
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| Amount: | $2,841,000
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| Maturity: | Feb. 1, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than initial index level, par plus lesser-performing index return, capped at $1,210 per security; if lesser-performing index falls by up to 90% buffer level, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% decline of the worst performing index beyond the buffer
|
| Initial levels: | 13,960.28 for Nasdaq, 2,301.267 for Russell
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| Buffer levels: | 12,564.252 for Nasdaq, 2,071.14 for Russell; 90% of initial levels
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| Pricing date: | April 27, 2021
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| Settlement date: | April 30, 2021
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.072%
|
| Cusip: | 61771VPG9
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