Published on 6/29/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $4.14 million commodity-linked partial principal at risk securities
By Wendy Van Sickle
Columbus, Ohio, June 29 – Morgan Stanley Finance LLC priced $4.14 million of 0% commodity-linked partial principal at risk securities due Dec. 21, 2023 linked to the performance of an equally-weighted basket of eight commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper and zinc.
If the basket return is positive, the payout at maturity will be par plus 2 times the basket return, subject to a maximum payout of par plus 25%. If the basket return is negative, investors will be exposed to the basket’s decline, subject to a minimum payout of 96.2% of par.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Commodity-linked partial principal at risk securities
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| Underlying assets: | West Texas Intermediate light sweet crude oil futures contracts, Brent crude oil, natural gas, corn, soybeans, wheat, copper, zinc; equal weights
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| Amount: | $4,143,000
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| Maturity: | Dec. 21, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If basket return is positive, par plus 2 times basket return, subject to maximum payout of par plus 25%; if basket return is negative, exposure to basket’s decline, subject to minimum payout of 96.2% of par
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| Initial prices: | $109.56 for WTI, $113.12 for Brent, $6.944 for natural gas, $7.845 for corn, $17.02 for soybeans, $10,342.50 for wheat, $9,101 for copper, $3,580 for zinc
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| Pricing date: | June 17
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| Settlement date: | June 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.25%
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| Cusip: | 61773QWB1
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