Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.53 million trigger PLUS linked to three indexes
By William Gullotti
Buffalo, N.Y., March 28 – Morgan Stanley Finance LLC priced $1.53 million of 0% trigger Performance Leveraged Upside Securities due April 30, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above its initial level, the payout at maturity will be par plus four times the least performing index’s value, capped at $1,400.
If the final level of either index is less than or equal to its initial level but the final level of each index is greater than or equal to its trigger level, the payout will be par. For each index, the trigger level is 60% of its initial level.
If the final level of any index is less than its trigger level, investors will be exposed to the decline of the least-performing index from its initial level.
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: | Trigger Performance Leveraged Upside Securities
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Underlying indexes: | Nasdaq-100, Russell 2000, S&P 500
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Amount: | $1,532,000
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Maturity: | April 30, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes above initial level, par plus four times the least-performing index’s return, capped at $1,400 per note; if final level of any index is less than or equal to initial level but final level of each index is greater than or equal to trigger level, par; if final level of any index is less than trigger level, exposure to decline of lesser-performing index from initial level
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Initial levels: | 13,960.28 for Nasdaq, 2,301.267 for Russell, 4,186.72 for S&P
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Trigger levels: | 8,376.168 for Nasdaq, 1,380.76 for Russell, 2,512.032 for S&P; 60% 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
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Fees: | 4.25%
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Cusip: | 61771VPQ7
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