Published on 3/27/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million 10.6% callable contingent income notes on three indexes
By Kiku Steinfeld
Chicago, March 27 – Morgan Stanley Finance LLC priced $1 million of callable contingent income securities due Dec. 5, 2025 linked to Russell 2000 index, Euro Stoxx 50 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.6%, paid quarterly, if each underlying index closes at or above its 60% downside threshold on the related quarterly observation date.
The securities may be called starting March 7, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 60% 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: | Russell 2000 index, Euro Stoxx 50 index and S&P 500 index
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| Amount: | $1 million
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| Maturity: | Dec. 5, 2025
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| Coupon: | 10.6%, paid quarterly, if each underlying index closes at or above its 60% 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 March 7, 2023 at par on any quarterly call date
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| Initial levels: | 1,892.839 for Russell, 4,071.70 for S&P, 3,977.90 for Euro Stoxx
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| Downside threshold: | 1,135.703 for Russell, 2,443.02 for S&P, 2,386.74 for Euro Stoxx, 60% of initial levels
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 7
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61774TBH4
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