Published on 9/27/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $760,000 callable contingent income buffered notes on ETF, indexes
Chicago, Sept. 27 – Morgan Stanley Finance LLC priced $760,000 of callable contingent income buffered securities due Sept. 26, 2024 linked to the least performing of the iShares MSCI Emerging Markets ETF, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 11.5% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
The notes will be callable at par on any quarterly redemption date.
If each asset finishes at or above its buffer level, 85% of its initial level, the payout at maturity will be par.
If any asset finishes below its buffer level, investors will lose 1.1765% for every 1% decline of the lesser performing asset beyond 15%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income buffered securities
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| Underlying assets: | iShares MSCI Emerging Markets ETF, Dow Jones industrial average and S&P 500 index
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| Amount: | $760,000
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| Maturity: | Sept. 26, 2024
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| Coupon: | 11.5% per year, payable monthly if each asset closes at or above coupon barrier level on observation date that month
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| Price: | Par
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| Payout at maturity: | Par if each asset finishes at or above buffer level; if any asset finishes below buffer level, investors will lose 1.1765% for every 1% decline of the lesser performing asset beyond 15%
|
| Call option: | At par on any quarterly redemption date
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| Initial levels: | $36.89 for ETF, 30,076.68 for Dow, 3,757.99 for S&P
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| Coupon barriers: | $25.823 for ETF, 21,053.676 for Dow, 2,630.593 for S&P; 70% of initial levels
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| Buffer levels: | $31.357 for ETF, 25,565.178 for Dow, 3,194.292 for S&P; 85% of initial levels
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| Pricing date: | Sept. 22, 2022
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| Settlement date: | Sept. 27, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61774HGN2
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