Published on 5/17/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $50.16 million trigger callable notes on indexes
By Marisa Wong
Los Angeles, May 17 – Morgan Stanley Finance LLC priced $50.16 million of trigger callable contingent yield notes with daily coupon observation due Feb. 15, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
For each quarter, the notes will pay a contingent coupon at an annualized rate of 9.39% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on every day during that quarter.
The notes will be callable at par of $10 plus any coupon due on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for every 1% decline of the least performing index.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and MSCI Emerging Markets index
|
| Amount: | $50,157,650
|
| Maturity: | Feb. 15, 2024
|
| Coupon: | 9.39% per year, payable for each quarter that each index closes at or above its coupon barrier level on every day during that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon, if any, unless any index finishes below its downside threshold, in which case 1% loss for every 1% that the least performing index declines from its initial level
|
| Call: | At par plus any coupon due on any quarterly call valuation date
|
| Initial levels: | 4,063.04 for S&P, 2,135.139 for Russell, 1,315.25 for MSCI EM
|
| Coupon barriers: | 2,844.13 for S&P, 1,494.597 for Russell, 920.68 for MSCI EM; 70% of initial levels
|
| Downside thresholds: | 2,437.82 for S&P, 1,281.083 for Russell, 789.15 for MSCI EM; 60% of initial levels
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | UBS Financial Services Inc.
|
| Fees: | 1.25%
|
| Cusip: | 61772X675
|
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