Published on 4/22/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $20.37 million callable contingent income notes on S&P, Russell, Dow
Chicago, April 22 – Morgan Stanley Finance LLC sold $20.37 million of callable contingent income securities due March 23, 2023 tied to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent coupon at the rate of 8.55% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on each index business day during the determination period.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 70% 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: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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Amount: | $20,368,000
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Maturity: | March 23, 2023
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Coupon: | 8.55% per year, payable quarterly if each index closes at or above its coupon threshold level on each index business day during the observation period
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Price: | Par
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Call option: | At par on any quarterly observation date after six months
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Payout at maturity: | Par 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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Initial levels: | 3,913.10 for S&P, 32,627.97 for Dow, 2,287.545 for Russell
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Coupon barrier levels: | 2,739.17 for S&P, 22,839.579 for Dow, 1,601.282 for Russell; 70% of initial levels
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Trigger levels: | 2,739.17 for S&P, 22,839.579 for Dow, 1,601.282 for Russell; 70% of initial levels
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 61771VLG3
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