Published on 2/17/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.36 million more trigger PLUS on S&P, Russell basket
By Wendy Van Sickle
Columbus, Ohio, Feb. 17 – Morgan Stanley Finance LLC priced $1.36 million more 0% trigger Performance Leveraged Upside Securities due March 21, 2024 linked an equally weighted basket of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes priced at 136.48 for $1,850,668.80 of proceeds.
The issuer priced $19.96 million of the notes on March 18, 2019, $304,000 more on Aug. 1, 2019 and another $65,000 on Aug. 31, 2020. Of these amounts, $1,329,000 has been retired. Accordingly, the latest additional notes bring the principal amount outstanding to $20,356,000.
If the basket finishes above its initial level, the payout at maturity will be par plus 150% of the gain, subject to a maximum return of 92.6%.
Investors will receive par if the basket falls by up to 40% and will be fully exposed to the basket’s losses if the basket finishes below its 60% trigger 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: | Trigger Performance Leveraged Upside Securities
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| Underlying basket: | Russell 2000 index, S&P 500 index
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| Amount: | $1,356,000
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| Maturity: | March 21, 2024
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| Coupon: | 0%
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| Price: | $1,364.80 per PLUS
|
| Payout at maturity: | Par plus 150% of any basket gain, subject to maximum return of 92.6%; if basket falls by up to 40%, par; otherwise, 1% loss per 1% basket decline
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| Initial levels: | 1,563.932 for Russell, 2,832.94 for S&P
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61768D3K9
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| Prior issues: | $19,961,000 priced on March 18, 2019, $304,000 on Aug. 1, 2019, $65,000 on Aug. 31, 2020
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