Published on 2/22/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million buffered participation securities on Dow, Nasdaq, S&P
By Taylor Fox
New York, Feb. 22 – Morgan Stanley Finance LLC priced $1 million of 0% buffered participation securities due Feb. 15, 2022 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 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 par plus 5.2%.
If either index falls but not by more than 30%, the payout will be par.
Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.
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: | Buffered participation securities
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Underlying index: | Dow Jones industrial average, Nasdaq-100 index and S&P 500 index
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Amount: | $1 million
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Maturity: | Feb. 15, 2022
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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 the gain of lesser-performing index return up to par plus 5.2%; if lesser-performing index falls by up to 30%, par; otherwise, 1% loss for each 1% loss lesser-performing index beyond the buffer
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Initial levels: | 3,911.23 for S&P, 31,375.83 for Dow, 13,687.08 for Nasdaq
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Buffer levels: | 70% of initial levels
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Pricing date: | Feb. 9
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Settlement date: | Feb. 12
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61771E5E4
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