Published on 5/1/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.43 million callable contingent income notes on S&P, Russell, Dow
Chicago, May 3 – Morgan Stanley Finance LLC sold $3.43 million of callable contingent income securities due March 19, 2026 tied to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent coupon at the rate of 7% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the related observation date.
The notes will be callable at par on any quarterly observation date after one yar.
The payout at maturity will be par plus any coupon due unless any index finishes below its 55% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $3,429,000
|
| Maturity: | March 19, 2026
|
| Coupon: | 7% per year, payable quarterly if each index closes at or above its coupon threshold level on related observation period
|
| Price: | Par
|
| Call option: | At par on any quarterly observation date after one year
|
| Payout at maturity: | Par plus any coupon due unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
| Initial levels: | 3,968.94 for S&P, 32,953.46 for Dow, 2,360.168 for Russell
|
| Coupon barrier levels: | 2,778.258 for S&P, 23,067.422 for Dow, 1,652.118 for Russell; 70% of initial levels
|
| Trigger levels: | 2,182.917 for S&P, 18,124.403 for Dow, 1,298.092 for Russell; 55% of initial levels
|
| Pricing date: | March 15
|
| Settlement date: | March 18
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0%
|
| Cusip: | 61771VJK7
|
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