Published on 2/10/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.1 million callable contingent income securities on indexes, ETF
By William Gullotti
Buffalo, N.Y., Feb. 10 – Morgan Stanley Finance LLC sold $1.1 million of callable contingent income securities due Oct. 24, 2023 tied to the worst performing of the iShares MSCI Emerging Markets ETF, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent coupon at the rate of 10% per year if each asset closes at or above its coupon barrier level, 75% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless any asset finishes below its 65% downside threshold, in which case investors will be fully exposed to the performance of the least performing asset.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income securities
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| Underlying assets: | iShares MSCI Emerging Markets ETF, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1,100,000
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| Maturity: | Oct. 24, 2023
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| Coupon: | 10% per year, payable monthly if each asset closes at or above its coupon barrier level on the related determination date
|
| Price: | Par
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| Call option: | At par on any quarterly observation date
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| Payout at maturity: | Par plus any coupon due unless any asset finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing asset
|
| Initial levels: | $54.15 for ETF, 2,232.001 for Russell, 13,907.67 for Nasdaq
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| Coupon barrier levels: | $40.613 for ETF, 1,674.001 for Russell, 10,430.753 for Nasdaq; 75% of initial levels
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| Downside threshold levels: | $35.198 for ETF, 1,450.801 for Russell, 9,039.986 for Nasdaq; 65% of initial levels
|
| Pricing date: | April 19, 2021
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| Settlement date: | April 22, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771VTN0
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