Published on 10/15/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.45 million callable contingent income securities on indexes
By William Gullotti
Buffalo, N.Y., Oct. 15 – Morgan Stanley Finance LLC sold $4.45 million of callable contingent income securities due July 26, 2024 tied to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at the rate of 7.25% 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 plus any coupon due on any semiannual observation date.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income securities
|
| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
|
| Amount: | $4,454,000
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| Maturity: | July 26, 2024
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| Coupon: | 7.25% per year, payable semiannually if each index closes at or above its coupon threshold level on the related determination date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | At par plus any coupon due on any semiannual observation date
|
| Initial levels: | 15,111.79 for Nasdaq, 2,209.649 for Russell, 35,061.55 for Dow
|
| Coupon threshold levels: | 10,578.253 for Nasdaq, 1,546.754 for Russell, 24,543.085 for Dow; 70% of initial levels
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| Downside threshold levels: | 10,578.253 for Nasdaq, 1,546.754 for Russell, 24,543.085 for Dow; 70% of initial levels
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Cusip: | 61773FDT7
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