Published on 10/23/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $633,000 7.65% contingent income notes on indexes
By Kiku Steinfeld
Chicago, Oct. 23 – Morgan Stanley Finance LLC priced $633,000 of contingent income securities due March 31, 2028 linked to the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.65%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
If the worst performing index gains or ends above its downside threshold the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its downside threshold level.
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: | Contingent income securities
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $633,000
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Maturity: | March 31, 2028
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Coupon: | 7.65%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold level
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Initial levels: | 32,394.25 for Dow, 12,610.57 for Nasdaq, 1,752.632 for Russell
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Downside thresholds: | 22,675.975 for Dow, 8,827.399 for Nasdaq, 1,226.842 for Russell, 70% of initial level
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Pricing date: | March 28, 2023
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Settlement date: | March 31, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.75%
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Cusip: | 61774T2J0
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