Published on 3/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.4 million callable contingent income buffered notes on indexes
By William Gullotti
Buffalo, N.Y., March 17 – Morgan Stanley Finance LLC priced $2.4 million of callable contingent income buffered securities due Feb. 15, 2024 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent monthly coupon at the rate of 9.25% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the corresponding observation date.
The notes may be called at par plus any coupon due on any monthly observation date after three months.
If each index finishes at or above its buffer level, 80% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer below the buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income buffered securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $2,402,000
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| Maturity: | Feb. 15, 2024
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| Coupon: | 9.25% per year, payable monthly if each index closes at or above coupon barrier level on the observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above buffer level; otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%
|
| Call: | At par plus any coupon due on any monthly observation date after three months
|
| Initial levels: | 11,830.28 for Nasdaq, 3,861.59 for S&P, 1,772.702 for Russell
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| Coupon barrier/buffers: | 9,464.224 for Nasdaq, 3,089.272 for S&P, 1,418.162 for Russell; 80% of initial levels
|
| Pricing date: | March 10
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| Settlement date: | March 16
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774T7F3
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