Published on 7/30/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10 million trigger gears on index basket
By Wendy Van Sickle
Columbus, Ohio, July 30 – Morgan Stanley Finance LLC priced $10 million of 0% trigger gears due July 30, 2031 linked to an unequally weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The basket consists of Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight, the S&P/ASX 200 index with a 7.5% weight.
If the basket return is positive, the payout at maturity will be par of $10 plus 1.6625 times the basket return.
Investors will receive par if the basket declines by 35% or less and will be fully exposed to the basket’s decline from its initial level if it declines by more than 35%.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger gears
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Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index 10% weight), S&P/ASX 200 index (7.5% weight)
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Amount: | $10,002,000
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Maturity: | July 30, 2031
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1.6625 times any basket gain; par if basket declines by 35% or less; full exposure to basket’s decline from its initial level if it declines by more than 35%
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Initial levels: | 4,0422.3 for Stoxx, 27,833.29 for Nikkei, 7,025.43 for FTSE, 12,049.63 for Swiss, 7,394.265 for S&P/ASX
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Downside threshold: | 65% of initial value
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Pricing date: | July 26
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Settlement date: | July 30
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Agents: | Morgan Stanley & Co. LLC with UBS Financial Services Inc. acting as dealer
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Fees: | 5%
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Cusip: | 61772Y574
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