Published on 2/6/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.89 million 10.8% worst-of fixed-coupon RevCons on three stocks
By Taylor Fox
New York, Feb. 8 – Morgan Stanley Finance LLC priced $2.89 million of 10.8% worst-of fixed-coupon RevCons due July 12, 2022 linked to the worst performing of the shares of Mastercard Inc., Pinterest, Inc. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be called at par plus the contingent coupon if any stock closes above 75% of its initial level on any monthly redemption date after four months.
If each stock finishes at or above the 50% 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: | Mastercard Inc., Pinterest, Inc. and Twitter, Inc.
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| Amount: | $2,886,000
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| Maturity: | July 12, 2022
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| Coupon: | 10.8%, payable monthly
|
| Price: | Par
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| Call: | At par plus the contingent coupon if the stock closes above 75% of its initial level on any monthly redemption date after four months
|
| 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
|
| Initial share prices: | $347.42 for Mastercard, $68.42 for Pinterest and $53.88 for Twitter
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| Downside threshold levels: | $173.71 for Mastercard, $34.21 for Pinterest and $26.94 for Twitter; 50% of initial levels
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| Redemption threshold levels: | $260.565 for Mastercard, $51.315 for Pinterest and $40.41 for Twitter; 75% of initial levels
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| Pricing date: | Jan. 6
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| Settlement date: | Jan. 12
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771EC97
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