Published on 10/3/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.1 million buffered PLUS with downside on commodity basket
By William Gullotti
Buffalo, N.Y., Oct. 3 – Morgan Stanley Finance LLC priced $1.1 million of 0% buffered PLUS with downside factor due Aug. 29, 2024 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas futures, corn, soybeans, wheat, copper and zinc.
If the basket finishes positive, the payout at maturity will be par plus 200% of the basket return.
Investors will receive par if the basket declines up to 26% and lose 1.3514% for every 1% decline beyond 26%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Buffered PLUS with downside factor
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| Underlying assets: | West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
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| Amount: | $1,095,000
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| Maturity: | Aug. 29, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If basket gains, par plus 200% of basket return; if basket declines no more than 26%, par; otherwise, 1.3514% loss for every 1% decline of the basket beyond 26%
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| Initial prices: | $93.06 for WTI, $100.99 for Brent, $9.296 for natural gas, $6.6875 for corn, $16.0525 for soybeans, $7.8475 for wheat, $8,315.00 for copper, $3,678.00 for zinc
|
| Buffer level: | 74% of initial level
|
| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
|
| Cusip: | 61773QWW5
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