Published on 12/21/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.68 million dual directional trigger jump notes on three ETFs
By William Gullotti
Buffalo, N.Y., Dec. 21 – Morgan Stanley Finance LLC priced $2.68 million of 0% dual directional trigger jump securities due Dec. 15, 2026 linked to the least performing of the iShares Russell 2000 ETF, the SPDR S&P 500 ETF Trust and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the least performing ETF finishes at or above its initial ETF level, the payout at maturity will be par plus the greater of the return of the worst performer or 40.5%.
If the final ETF level of the worst performer declines, but not below its 70% downside threshold, the payout will be par plus the absolute value of the ETF return of the worst performer.
Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Dual directional trigger jump securities
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| Underlying ETFs: | iShares Russell 2000 ETF, SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust
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| Amount: | $2,684,000
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| Maturity: | Dec. 15, 2026
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If the least performing ETF finishes at or above its initial ETF level, greater of par plus 40.5% and par plus return of worst performing ETF; if the final ETF level of the lesser performing ETF is less than the initial ETF level but greater than or equal to downside threshold, par plus the absolute value of the return of that ETF; otherwise, 1% loss for every 1% decline of the worst performer from its initial level
|
| Initial levels: | $360.23 for Dow ETF, $470.74 for S&P ETF, $219.91 for Russell ETF
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| Downside threshold values: | $252.161 for Dow ETF, $329.518 for S&P ETF, $153.937 for Russell ETF; 70% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61773HSE0
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