Published on 3/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million callable contingent income securities on indexes
Chicago, March 25 – Morgan Stanley Finance LLC sold $1 million of callable contingent income securities due Feb. 6, 2024 tied to the worst performing of the Dow Jones industrial average, 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 8% per year if each index closes at or above its coupon threshold level, 65% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date after one year.
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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $1,000,000
|
| Maturity: | Feb. 6, 2024
|
| Coupon: | 8% per year, payable monthly if each index closes at or above its coupon threshold level on the related determination date
|
| Price: | Par
|
| Call option: | At par on any quarterly observation date after one year
|
| 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
|
| Initial levels: | 30,603.36 for Dow, 2,106.609 for Russell and 13,201.53 for Nasdaq
|
| Coupon threshold levels: | 19,892.184 for Dow, 1,369.296 for Russell and 8,580.995 for Nasdaq, or 65% of initial levels
|
| Downside threshold levels: | 19,892.184 for Dow, 1,369.296 for Russell and 8,580.995 for Nasdaq, or 65% of initial levels
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 4
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61771EZ35
|
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