Published on 3/1/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.75 million callable contingent income buffered notes on ETF, Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, March 1 – Morgan Stanley Finance LLC priced $1.75 million of callable contingent income buffered securities due Feb. 27, 2025 linked to the least performing of the iShares MSCI Emerging Markets ETF, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 10% per year if each asset closes at or above its coupon barrier level, 75% of its initial level, on the observation date that month.
After three months, the notes will be callable at par on any monthly call date.
If each asset finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par.
If any asset finishes below its buffer level, investors will lose 1.4286% for every 1% decline of the lesser performing asset beyond 30%.
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 buffered securities
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| Underlying assets: | Euro Stoxx 50, iShares MSCI Emerging Markets ETF, Russell 2000 index
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| Amount: | $1.75 million
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| Maturity: | Feb. 27, 2025
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| Coupon: | 10% per year, payable monthly if each asset closes at or above coupon barrier level on observation date that month
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| Price: | Par
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| Payout at maturity: | Par if each asset finishes at or above buffer level; if any asset finishes below buffer level, investors will lose 1.4286% for every 1% decline of the lesser performing asset beyond 30%
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| Call option: | After three months, at par on any monthly call date
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| Initial levels: | 1,944.09 for Russell, 3,732.28 for Stoxx, $47.47 for ETF
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| Coupon barriers: | 1,458.069 for Russell, 2,980.058 for Stoxx, $35.603 for ETF; 75% of initial levels
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| Buffer levels: | 1,360.864 for Russell, 2,781.387 for Stoxx, $33.229 for ETF; 70% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.05%
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| Cusip: | 61773QDD8
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