Published on 1/18/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $533,000 9.5% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Jan. 18 – Morgan Stanley Finance LLC priced $533,000 of callable contingent income securities due May 1, 2025 linked to Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.5%, paid monthly, if each underlying index closes at or above its 60% downside threshold on the related monthly observation date, plus any previously unpaid coupons.
The securities may be called starting Nov. 2, 2023 at par on any quarterly call determination 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 Dow Jones industrial average
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| Amount: | $533,000
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| Maturity: | May 1, 2025
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| Coupon: | 9.5%, paid monthly, if each underlying index closes at or above its 60% downside threshold on the related monthly observation date, plus any previously unpaid coupons
|
| 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
|
| Call: | Starting Nov. 2, 2023 at par on any quarterly call determination date
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| Initial levels: | 34,098.16 for Dow Jones industrial average, 13,245.99 for Nasdaq-100, 1,768.987 for Russell 2000
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| Downside thresholds: | 20,458.896 for Dow Jones industrial average, 7,947.594 for Nasdaq-100, 1,061.392 for Russell 2000, 60% of initial levels
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61774XUF8
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