Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.47 million callable contingent income securities on two indexes
By William Gullotti
Buffalo, N.Y., July 28 – Morgan Stanley Finance LLC sold $3.47 million of callable contingent income securities due June 2, 2023 tied to the worst performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 8% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless any index finishes below its 65% 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
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Guarantor: | Morgan Stanley
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Issue: | Callable contingent income securities
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index
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Amount: | $3,467,000
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Maturity: | June 2, 2023
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Coupon: | 8% per year, payable quarterly if each index closes at or above its coupon threshold level on the related determination date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
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Call option: | At par on any quarterly observation date after six months
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Initial levels: | 2,268.972 for Russell, 13,686.51 for Nasdaq
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Coupon threshold levels: | 1,588.28 for Russell, 9,580.557 for Nasdaq; 70% of initial levels
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Downside threshold levels: | 1,474.832 for Russell, 8,896.232 for Nasdaq; 65% of initial levels
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Pricing date: | May 28
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Settlement date: | June 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.59%
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Cusip: | 61771VV64
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