Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $8.61 million callable contingent income securities on indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 24 – Morgan Stanley Finance LLC sold $8.61 million of callable contingent income securities due Nov. 22, 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 quarterly coupon at the rate of 8.65% per year if each index closes at or above its coupon threshold level, 75% of its initial level, on the related determination date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
If the notes are not called and each index finishes at or above its 60% 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
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Guarantor: | Morgan Stanley
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Issue: | Callable contingent income securities
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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Amount: | $8,611,000
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Maturity: | Nov. 22, 2024
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Coupon: | 8.65% per year, payable quarterly if each index closes at or above its coupon threshold level on the related determination date
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Price: | Par
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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
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 16,573.34 for Nasdaq, 2,343.161 for Russell, 35,601.98 for Dow
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Coupon threshold levels: | 12,430.005 for Nasdaq, 1,757.371 for Russell, 26,701.485 for Dow; 75% of initial levels
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Downside threshold levels: | 9,944.004 for Nasdaq, 1,405.897 for Russell, 21,361.188 for Dow; 60% of initial levels
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Pricing date: | Nov. 19
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Settlement date: | Nov. 24
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Agent: | Morgan Stanley & Co. LLC
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Fees: | None
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Cusip: | 61773HGU7
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