Published on 4/26/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $527,000 8% callable contingent income notes on index, fund
Chicago, April 26 – Morgan Stanley Finance LLC priced $527,000 of callable contingent income securities due May 31, 2024 linked to the worst performing of the S&P 500 index and Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities may be called starting Nov. 30, 2022 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes below its 70% 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: | S&P 500 index and Financial Select Sector SPDR fund
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| Amount: | $527,000
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| Maturity: | May 31, 2024
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| Coupon: | 8% annual rate, paid quarterly, if each underlier closes at or above its 75% coupon barrier 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 closes 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: | Starting Nov. 30, 2022 at par on any quarterly call date
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| Initial levels: | 3,978.73 for S&P, $34.19 for financial fund
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| Downside thresholds: | 2,785.111 for S&P, $23.933 for financial fund, 70% of initial levels
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| Coupon barrier levels: | 2,984.048 for S&P, $25.643 for financial fund, 75% of initial levels
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| Pricing date: | May 25, 2022
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| Settlement date: | May 31, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.6%
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| Cusip: | 61773Q4R7
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