Published on 8/11/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5 million 12% worst-of fixed-coupon RevCons on stocks
Chicago, Aug. 11 – Morgan Stanley Finance LLC priced $5 million of worst-of fixed-coupon RevCons due Dec. 21, 2023 linked to the worst performing of the common stocks of Apple Inc., Twitter, Inc. and AT&T Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid monthly.
If the worst performing stock gains or declines but ends above the 60% downside threshold the payout at maturity will be par. Investors will lose 1% for every 1% that the worst performing stock declines if it finishes below the downside threshold level.
The notes are non-callable.
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: | Worst-of fixed-coupon RevCons
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Underlying stocks: | Apple Inc., Twitter, Inc. and AT&T Inc.
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Amount: | $5 million
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Maturity: | Dec. 21, 2023
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Coupon: | 12% annual rate, paid monthly
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Price: | Par
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Payout at maturity: | If worst performing stock finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing stock declines if it finishes below its downside threshold level
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Initial levels: | $171.14 for Apple, $23.78 for AT&T, $43.07 for Twitter
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Downside thresholds: | $102.684 for Apple, $14.268 for AT&T, $25.842 for Twitter, 60% of initial levels
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Call: | Non-callable
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Pricing date: | Dec. 20, 2021
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Settlement date: | Dec. 23, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.4%
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Cusip: | 61773HVN6
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