Published on 5/17/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 trigger participation securities linked to SPDR ETF
By William Gullotti
Buffalo, N.Y., May 17 – Morgan Stanley Finance LLC priced $250,000 of 0% trigger participation securities due Jan. 20, 2023 linked to the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the ETF finishes at or above its initial level, the payout at maturity will be par plus the return, subject to a maximum payout of par plus 21.25%.
If the ETF declines but finishes at or above its 70% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the ETF’s decline from its initial level.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger participation securities
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Underlying ETF: | Energy Select Sector SPDR Fund
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Amount: | $250,000
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Maturity: | Jan. 20, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If ETF finishes positive, par plus return capped at 21.25%; if ETF declines but finishes at or above trigger level, par; otherwise, full exposure to decline from initial level
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Initial ETF level: | $57.33
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Trigger level: | $40.131; 70% of initial level
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Strike date: | Oct. 15, 2021
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Pricing date: | Oct. 18, 2021
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Settlement date: | Oct. 21, 2021
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.875%
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Cusip: | 61773F6B4
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