Published on 3/2/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $83.63 million 11.12% callable fixed income securities on indexes
By William Gullotti
Buffalo, N.Y., March 2 – Morgan Stanley Finance LLC sold $83.63 million of 11.12% callable fixed income securities due March 4, 2024 tied to the worst performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be callable at par plus the coupon on any monthly observation date after six months.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par plus the fixed coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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 fixed income securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $83.63 million
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| Maturity: | March 4, 2024
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| Coupon: | 11.12% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | At par plus fixed coupon on any monthly observation date after six months
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| Initial levels: | 11,969.65 for Nasdaq, 1,890.485 for Russell, 3,970.04 for S&P
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| Downside threshold levels: | 8,378.755 for Nasdaq, 1,323.34 for Russell, 2,779.028 for S&P; 70% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774TZB1
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