Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $632,000 dual directional buffered participation securities on indexes
By William Gullotti
Buffalo, N.Y., June 16 – Morgan Stanley Finance LLC priced $632,000 of 0% dual directional buffered participation securities due Dec. 12, 2024 linked to the performance of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above the initial level, the payout at maturity will be par plus 102% of the gain of the laggard index.
If any index falls but not by more than 15%, the payout will be par plus the absolute value of the return of the laggard index.
Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer to a minimum payout of $150 per security.
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: | Dual directional buffered participation securities
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| Underlying index: | S&P 500, Russell 2000, Nasdaq-100
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| Amount: | $632,000
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| Maturity: | Dec. 12, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each is greater than initial index level, par plus 102% of least performing index return; if any index falls by up to the 85% buffer level, par plus absolute value of lesser-performing index return; otherwise, 1% loss for each 1% loss lesser-performing index beyond 15% to a minimum payout of $150 per security
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| Initial levels: | 13,814.94 for Nasdaq, 4,219.55 for S&P, 2,327.128 for Russell
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| Buffer levels: | 11,742.699 for Nasdaq, 3,586.618 for S&P, 1,978.059 for Russell; 85% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61771V5B2
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