Published on 6/18/2021 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $15.27 million callable contingent income securities on indexes
By Wendy Van Sickle
Columbus, Ohio, June 18 – Morgan Stanley Finance LLC sold $15.27 million of callable contingent income securities due Dec. 14, 2023 tied to the worst performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent coupon at the rate of 7.2% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the related determination date.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus the coupon unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the performance of the least performing index.
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: | Callable contingent income securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $15,265,000
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| Maturity: | Dec. 14, 2023
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| Coupon: | 7.2% per year, payable quarterly if each index closes at or above its coupon threshold level on the related determination date
|
| Price: | Par
|
| Call option: | At par on any quarterly observation date
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| Payout at maturity: | Par plus coupon unless any index finishes below its downside threshold, in which case investors will be fully exposed to the performance of the least performing index
|
| Initial levels: | 13,998.3 for Nasdaq, 2,335.808 for Russell, 4,247.44 for S&P
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| Coupon threshold levels: | 9,798.81 for Nasdaq, 1,635.066 for Russell, 2,973.208 for S&P; 70% of initial levels
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| Downside threshold levels: | 9,798.81 for Nasdaq, 1,635.066 for Russell, 2,973.208 for S&P; 70% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
|
| Cusip: | 61771V5D8
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