Published on 4/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.52 million callable contingent income securities on index, ETFs
New York, April 28 – Morgan Stanley Finance LLC priced $1.52 million of callable contingent income securities due April 24, 2025 linked to the Energy Select Sector SPDR Fund, the SPDR Gold Trust and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.25%, paid monthly, if each underlier 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.
At maturity, the payout will be par unless the worst performing asset finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Energy Select Sector SPDR Fund, SPDR Gold Trust and Russell 2000 index
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| Amount: | $1,523,000
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| Maturity: | April 24, 2025
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| Coupon: | 15.25%, paid monthly, if each underlier 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 asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying asset
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| Call option: | At par on any quarterly call date
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| Initial levels: | $184.25 for SPDR Gold Trust, 1,791.506 for Russell 2000, $84.98 for Energy Select Sector SPDR Fund
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| Downside thresholds: | $110.55 for SPDR Gold Trust, 1,074.904 for Russell 2000, $50.988 for Energy Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | $128.975 for SPDR Gold Trust, 1,254.054 for Russell 2000, $59.486 for Energy Select Sector SPDR Fund, 70% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61774XQS5
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