Published on 8/4/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.66 million 11.2% callable contingent income securities on indexes, fund
New York, Aug. 4 – Morgan Stanley Finance LLC priced $1.66 million of callable contingent income securities due July 31, 2026 linked to Russell 2000 index, Technology Select Sector SPDR Fund and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.2%, 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 Feb. 1, 2024 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 S&P 500 index
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| Amount: | $1,657,000
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| Maturity: | July 31, 2026
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| Coupon: | 11.2%, 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 Feb. 1, 2024 at par on any quarterly call date
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| Initial levels: | 1,981.537 for Russell 2000, 4,582.23 for S&P 500, $177.94 for Technology Select Sector SPDR Fund
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| Downside thresholds: | 1,387.076 for Russell 2000, 3,207.561 for S&P 500, $124.558 for Technology Select Sector SPDR Fund, 70% of initial levels
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| Coupon barriers: | 1,486.153 for Russell 2000 index, 3,436.673 for S&P 500 index, $133.455 for Technology Select Sector SPDR Fund, 75% of initial levels
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| Pricing date: | July 28
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| Settlement date: | Aug. 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61775HNP8
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