Published on 2/1/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.67 million trigger absolute return step notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Morgan Stanley Finance LLC priced $2.67 million of 0% trigger absolute return step securities due Jan. 29, 2027 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final level of laggard index is greater than or equal to the initial level, the payout at maturity will be par of $10 plus the greater of the step return, 30%, and the laggard return.
If the final level of the laggard index is less than the initial level but greater than or equal to the downside threshold level, 75% of the initial level, the payout will be par plus the absolute value of the laggard return.
If the final level of the laggard index is less than the downside threshold level, investors will lose 1% for every 1% that the final level of that index is less than the initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger absolute return step securities
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| Underlying index: | S&P 500 index, Russell 2000 index
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| Amount: | $2,671,500
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| Maturity: | Jan. 29, 2027
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| Coupon: | 0%
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| Price: | Par of $10
|
| Payout at maturity: | If the final level of laggard index is greater than or equal to the initial level, par plus the greater of 30% and the laggard return; if the final level of laggard index is less than the initial level but greater than or equal to the downside threshold level, par plus the absolute value of the laggard return; otherwise, investors will lose 1% for every 1% that the final level of that index is less than the initial level
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| Initial levels: | 4,349.93 for S&P, 1,976.464 for Russell
|
| Downside thresholds: | 3,262.45 for S&P, 1,482.348 for Russell, 75% of initial level
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 3.5%
|
| Cusip: | 61773U118
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