Published on 3/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.4 million contingent income buffered securities on three indexes
By William Gullotti
Buffalo, N.Y., March 17 – Morgan Stanley Finance LLC priced $2.4 million of contingent income buffered securities due Sept. 14, 2023 tied to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 6.5% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date that period.
If all indexes finish at or above the buffer level, 80% of the 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 beyond 20%.
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: | Contingent income buffered securities
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $2,402,000
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| Maturity: | Sept. 14, 2023
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| Coupon: | 6.5% per year, payable monthly if each index closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, lose 1% for every 1% decline of the worst performer beyond 20%
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| Initial levels: | 11,830.28 for Nasdaq, 3,861.59 for S&P, 1,772.702 for Russell
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| Coupon barriers: | 9,464.224 for Nasdaq, 3,089.272 for S&P, 1,418.162 for Russell; 80% of initial levels
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| Buffer levels: | 9,464.224 for Nasdaq, 3,089.272 for S&P, 1,418.162 for Russell; 80% of initial levels
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| Pricing date: | March 10
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| Settlement date: | March 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774T7E6
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