Published on 9/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.26 million dual directional trigger participation notes on indexes
By William Gullotti
Buffalo, N.Y., Sept. 15 – Morgan Stanley Finance LLC priced $1.26 million of 0% dual directional trigger participation securities due March 28, 2024 linked to the worst performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final level of each index is greater than the initial index level, the payout at maturity will be par plus the laggard index return, capped at par plus 40%.
If either index declines by 20% or less, the payout will be par plus the absolute value of the lesser performing index’s return.
If either index declines by more than 20%, investors will lose 1% for every 1% that the lesser performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Dual directional trigger participation securities
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100
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Amount: | $1.26 million
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Maturity: | March 28, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final level of each index is greater than the initial index level, par plus laggard index return, capped at par plus 40%; if either index declines by 20% or less, par plus the absolute value of the lesser performing index’s return; if either index declines by more than 20%, 1% loss for every 1% that the lesser performing index declines from its initial level
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Initial levels: | 34,433.84 for Dow, 14,345.18 for Nasdaq
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Trigger levels: | 27,547.072 for Dow, 11,476.144 for Nasdaq; 80% of initial levels
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 61771V2U3
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