Published on 6/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million 11% worst-of fixed coupon RevCons on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 1 – Morgan Stanley Finance LLC priced $1 million of 11% worst-of fixed coupon RevCons due May 8, 2023 linked to the worst performing of the stocks of Apple Inc., Chewy, Inc. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon RevCons
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| Underlying stocks: | Apple Inc., Chewy, Inc. and Starbucks Corp.
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| Amount: | $1 million
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| Maturity: | May 8, 2023
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| Coupon: | 11%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Initial share prices: | $132.54 for Apple, $80.65 for Chewy and $115.72 for Starbucks
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| Downside thresholds: | $79.524 for Apple, $48.39 for Chewy and $69.432 for Starbucks; 60% of initial levels
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| Pricing date: | May 4
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| Settlement date: | May 7
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61771VG38
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