Published on 4/26/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.05 million callable contingent income securities on index, ETFs
New York, April 26 – Morgan Stanley Finance LLC priced $2.05 million of callable contingent income securities due April 3, 2025 linked to the Financial Select Sector SPDR Fund, the Utilities Select Sector SPDR Fund and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.1%, paid quarterly, if each underlier closes at or above its 65% downside threshold on the related quarterly observation date.
The securities may be called at par on any quarterly call date.
At maturity, the payout will be par unless the worst performing asset finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Financial Select Sector SPDR Fund, Utilities Select Sector SPDR Fund and Dow Jones industrial average
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| Amount: | $2,045,000
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| Maturity: | April 3, 2025
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| Coupon: | 11.1%, paid quarterly, if each underlier closes at or above its 65% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying asset
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| Call option: | At par on any quarterly call date
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| Initial levels: | 33,274.15 for Dow Jones industrial average, $32.15 for Financial Select Sector SPDR Fund, $67.69 for Utilities Select Sector SPDR Fund
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| Downside thresholds: | 21,628.198 for Dow Jones industrial average, $20.898 for Financial Select Sector SPDR Fund, $43.999 for Utilities Select Sector SPDR Fund, 65% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61774XKV4
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