Published on 4/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million callable contingent income securities on indexes
New York, April 17 – Morgan Stanley Finance LLC priced $1 million of callable contingent income securities due April 16, 2026 linked to the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par on any quarterly call date starting Oct. 16, 2023.
At maturity, the payout will be par unless the worst performing index finishes 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: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | April 16, 2026
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| Coupon: | 10.5%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index finishes 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: | At par on any quarterly call date starting Oct. 16, 2023
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| Initial levels: | 33,684.79 for Dow Jones industrial average, 12,964.16 for Nasdaq-100, 1,786.595 for Russell 2000
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| Downside threshold: | 20,210.874 for Dow Jones industrial average, 7,778.496 for Nasdaq-100, 1,071.957 for Russell 2000, 60% of initial levels
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| Coupon barriers: | 23,579.353 for Dow Jones industrial average, 9,074.912 for Nasdaq-100, 1,250.617 for Russell 2000, 70% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 14
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61774XNK5
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