Published on 11/3/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $875,000 7% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Nov. 3 – Morgan Stanley Finance LLC priced $875,000 of callable contingent income securities due April 5, 2028 linked to Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7%, paid quarterly, if each underlying index closes at or above its 55% downside threshold on the related quarterly observation date.
The securities may be called starting Oct. 4, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 55% 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: | Russell 2000 index and S&P 500 index
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| Amount: | $875,000
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| Maturity: | April 5, 2028
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| Coupon: | 7%, paid quarterly, if each underlying index closes at or above its 55% downside threshold 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 Oct. 4, 2023 at par on any quarterly call date
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| Initial levels: | 1,802.484 for Russell, 4,109.31 for S&P
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| Downside thresholds: | 991.366 for Russell, 2,260.121 for S&P, 55% of initial levels
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| Pricing date: | March 31, 2023
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| Settlement date: | April 5, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61774XFV0
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