Published on 8/2/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.74 million 11.75% callable contingent income notes on indexes, fund
Chicago, Aug. 2 – Morgan Stanley Finance LLC priced $1.74 million of callable contingent income securities due Jan. 30, 2025 linked to the worst performing of the Russell 2000 index, Technology Select Sector SPDR Fund and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.75%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called starting Oct. 30 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes below its 70% 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: | Russell 2000 index, Technology Select Sector SPDR Fund and Nasdaq-100 index
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Amount: | $1,738,000
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Maturity: | Jan. 30, 2025
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Coupon: | 11.75% annual rate, paid monthly, if each underlier closes at or above its 75% 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 closes 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: | Starting Oct. 30 at par on any quarterly call date
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Initial levels: | 15,561.42 for Nasdaq, 1,966.112 for Russell, $178.46 for Technology
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Coupon barriers: | 11,671.065 for Nasdaq, 1,474.584 for Russell, $133.845 for Technology, 75% of initial levels
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Downside thresholds: | 10,892.994 for Nasdaq, 1,376.278 for Russell, $124.922 for Technology, 70% of initial levels
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Pricing date: | July 25
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Settlement date: | July 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61775HME4
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