Published on 4/16/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $25.83 million trigger callable contingent yield notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 16 – Morgan Stanley Finance LLC priced $25.83 million of trigger callable contingent yield notes with daily coupon observation due July 16, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9.45% if each index closes at or above its coupon barrier level, 70% of its initial level, on each trading day during the observation period.
The notes will be callable at par of $10 plus any coupon otherwise due on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial level.
The notes are guaranteed by Morgan Stanley
Morgan Stanley & Co. LLC is the underwriter, and UBS Financial Services Inc. is the selling agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $25,834,000
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| Maturity: | July 16, 2026
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| Coupon: | 9.45% per year, payable quarterly if each index closes at or above its coupon barrier level on each trading day during the observation period
|
| Price: | Par of $10
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| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case 1% loss for every 1% decline of worst performing index from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date other than final one
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| Initial levels: | 2,042.604 for Russell, 5,199.06 for S&P, 18,307.98 for Nasdaq
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| Coupon barrier levels: | 1,429.823 for Russell, 3,639.34 for S&P, 12,815.59 for Nasdaq; 70% of initial levels
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| Knock-in levels: | 1,225.562 for Russell, 3,119.44 for S&P, 10,984.79 for Nasdaq; 60% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 1.25%
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| Cusip: | 61776K737
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