Published on 3/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.06 million 12% callable contingent income notes on three indexes
By Kiku Steinfeld
Chicago, March 1 – Morgan Stanley Finance LLC priced $1.06 million of callable contingent income securities due May 23, 2024 linked to Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Feb. 24, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 60% downside threshold in which case investors will be fully exposed to the decline of that index.
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: | Callable contingent income securities
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $1,064,000
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Maturity: | May 23, 2024
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Coupon: | 12%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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Call: | Starting Feb. 24, 2023 at par on any quarterly call date
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Initial levels: | 11,677.02 for Nasdaq, 1,849.732 for Russell 3,965.34 for S&P
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Downside threshold: | 7,006.212 for Nasdaq, 1,109.839 for Russell, 2,379.204 for S&P, 60% of initial levels
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Coupon barriers: | 8,173.914 for Nasdaq, 1,294.812 for Russell, 2,775.738 for S&P 500, 70% of initial levels
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Pricing date: | Nov. 18, 2022
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Settlement date: | Nov. 23, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61774HV88
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