Published on 4/29/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $558,000 11.2% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, May 1 – Morgan Stanley Finance LLC priced $558,000 of callable contingent income securities due Dec. 29, 2023 linked to Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.2%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting March 28, 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: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $558,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 11.2%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier 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 28, 2023 at par on any quarterly call date
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| Initial levels: | 33,203.93 for Dow, 10,985.45 for Nasdaq, 1,760.932 for Russell
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| Downside threshold: | 19,922.358 for Dow, 6,591.27 for Nasdaq, 1,056.559 for Russell, 60% of initial levels
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| Coupon barriers: | 23,242.751 for Dow, 7,689.815 for Nasdaq, 1,232.652 for Russell, 70% of initial levels
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| Pricing date: | Dec. 23, 2022
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| Settlement date: | Dec. 29, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774TFR8
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