Published on 11/4/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $5 million 4.25% worst-of fixed coupon RevCons on Chewy, Verizon
By William Gullotti
Buffalo, N.Y., Nov. 4 – Morgan Stanley Finance LLC priced $5 million of 4.25% worst-of fixed coupon RevCons due May 2, 2022 linked to the worst performing of the stocks of Chewy, Inc. and Verizon Communications 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 54% 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: | Chewy, Inc., Verizon Communications Inc.
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| Amount: | $5 million
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| Maturity: | May 2, 2022
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| Coupon: | 4.25%, 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 from its initial level
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| Initial share prices: | $67.29 for Chewy, $52.63 for Verizon
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| Downside thresholds: | $36.337 for Chewy, $28.42 for Verizon; 54% of initial levels
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| Strike date: | Oct. 27
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 2
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61773HCG2
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