Published on 3/19/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million dual directional buffered PLUS on stocks
By Wendy Van Sickle
Columbus, Ohio, March 19 – Morgan Stanley Finance LLC priced $1 million of 0% dual directional buffered Performance Leveraged Upside Securities due March 4, 2022 linked to the worst performing of the Alaska Air Group, Inc., Apache Corp. and ONEOK, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock finishes above the initial level, the payout at maturity will be par plus 170% of the gain of the laggard stock.
If any stock falls but not by more than 85% of its initial level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be exposed to any losses beyond the 15% buffer.
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 Performance Leveraged Upside Securities
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| Underlying stocks: | Alaska Air Group, Inc., Apache Corp. and ONEOK, Inc.
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| Amount: | $1 million
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| Maturity: | March 4, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each stock is greater than initial index level, par plus 170% of lesser-performing stock return; if lesser-performing stock falls by up to 15%, par plus absolute value of lesser-performing stock return; otherwise, exposure to loss of lesser-performing stock beyond 15%
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| Initial levels: | $65.56 for Alaska, $20.13 for Apache, $45.40 for ONEOK
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| Buffer levels: | $17.111 for Alaska, $55.726 for Apache, $38.59 for ONEOK; 85% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771VBE9
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