Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million 8.5% worst-of fixed coupon RevCons on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 7 – Morgan Stanley Finance LLC priced $1 million of 8.5% worst-of fixed coupon RevCons due April 26, 2023 linked to the worst performing of the stocks of Costco Wholesale Corp., NIKE, Inc. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock finishes at or above the 70% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon RevCons
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| Underlying stocks: | Costco Wholesale Corp., NIKE, Inc. and Qualcomm Inc.
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| Amount: | $1 million
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| Maturity: | April 26, 2023
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Initial share prices: | $371.73 for Costco, $127.11 for NIKE and $133.40 for Qualcomm
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| Downside thresholds: | $260.211 for Costco, $88.977 for NIKE and $93.38 for Qualcomm; 70% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 0.4%
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| Cusip: | 61771VWK2
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