Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.07 million 8.25% callable contingent income notes on Dow, Russell
Chicago, Feb. 24 – Morgan Stanley Finance LLC priced $1.07 million of callable contingent income securities due Feb. 20, 2026 linked to the worst performing of the Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.25%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities may be called starting Aug. 22, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 70% 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: | Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,066,000
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| Maturity: | Feb. 20, 2026
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| Coupon: | 8.25% annual rate, 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: | 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
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| Call: | Starting Aug. 22, 2023 at par on any quarterly call date
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| Initial levels: | 33,826.69 for Dow, 1,946.356 for Russell
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| Downside threshold: | 23,678.683 for Dow, 1,362.449 for Russell, 70% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61774TVW9
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