Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.85 million callable contingent income securities on three ETFs
New York, Feb. 23 – Morgan Stanley Finance LLC priced $2.85 million of callable contingent income securities due Feb. 17, 2028 linked to the iShares Biotechnology ETF, the Energy Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.85%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date.
The securities may be called at par on any quarterly call date starting Aug. 19, 2024.
At maturity, the payout will be par unless the worst performing fund finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing fund.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying ETFs: | iShares Biotechnology ETF, Energy Select Sector SPDR Fund and Utilities Select Sector SPDR Fund
|
| Amount: | $2,852,000
|
| Maturity: | Feb. 17, 2028
|
| Coupon: | 10.85%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the worst performing fund finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying fund
|
| Call option: | At par on any quarterly call date starting Aug. 19, 2024
|
| Initial levels: | $134.80 for iShares Biotechnology ETF, $83.30 for Energy Select Sector SPDR Fund, $60.29 for Utilities Select Sector SPDR Fund
|
| Downside thresholds: | $80.88 for iShares Biotechnology ETF, $49.98 for Energy Select Sector SPDR Fund, $36.174 for Utilities Select Sector SPDR Fund, 60% of initial levels
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.55%
|
| Cusip: | 61771WJ25
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
