Published on 1/19/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $11.77 million dual directional buffered PLUS on S&P, Russell Value indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Morgan Stanley Finance LLC priced $11.77 million of 0% dual directional buffered Performance Leveraged Upside Securities due Feb. 17, 2022 linked to the worst performing of the S&P 500 Value index and the Russell 2000 Value index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each index finishes above its initial level, the payout at maturity will be par plus 1.05 times the gain of the lesser performing index, capped at par plus 13.5%.
If either index falls but neither falls by more than 12%, the payout will be par plus the absolute value of the return of the lesser performing index.
Otherwise, investors will be exposed to any decline in the lesser performing index beyond the 12% buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Dual directional buffered Performance Leveraged Upside Securities
|
| Underlying indexes: | S&P 500 Value index, Russell 2000 Value index
|
| Amount: | $11,765,000
|
| Maturity: | Feb. 17, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index gains, par plus 1.05 times the lesser-performing index return capped at par plus 13.5%; if lesser-performing index falls by up to 12%, par plus absolute value of the return of that index; otherwise, exposure to any decline of lesser-performing index beyond 12%
|
| Initial levels: | 1,306.294 for S&P, 2,157.476 for Russell
|
| Buffer levels: | 1,149.539 for S&P, 1,898.5794 for Russell; 88% of initial levels
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61771EJ41
|
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