Published on 10/25/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.66 million callable contingent income buffered notes on indexes
Chicago, Oct. 25 – Morgan Stanley Finance LLC priced $1.66 million of callable contingent income buffered securities due March 26, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 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 quarter, the notes will pay a contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 68% of its initial level, on the observation date that period.
After one year, the notes may be called at par on any quarterly date.
If each index finishes at or above its buffer level, 68% of its initial level, the payout at maturity will be par plus the final coupon.
If any index finishes below its downside threshold, investors will lose 1.4706% for every 1% decline of the lesser performing index beyond the 32% buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income buffered securities
|
| Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
|
| Amount: | $1,664,000
|
| Maturity: | March 26, 2026
|
| Coupon: | 6% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes at or above downside threshold; if any index finishes below buffer level, investors will lose 1.4706% for every 1% decline of the lesser performing index beyond 32% buffer
|
| Call option: | After one year, at par on any quarterly date
|
| Initial levels: | 13,017.79 for Nasdaq, 3,910.52 for S&P, 2,185.687 for Russell
|
| Coupon barrier levels/buffer levels: | 8,852.097 for Nasdaq, 2,659.154 for S&P, 1,486.267 for Russell; 68% of initial levels
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61771VLT5
|
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