Published on 12/19/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $547,000 9.5% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Dec. 19 – Morgan Stanley Finance LLC priced $547,000 of callable contingent income securities due April 24, 2026 linked to Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.5%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities may be called starting Oct. 26, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 70% 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: | Dow Jones industrial average and Russell 2000 index
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| Amount: | $547,000
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| Maturity: | April 24, 2026
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| Coupon: | 9.5%, paid quarterly, if each underlying index closes at or above its 70% 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. 26, 2023 at par on any quarterly call date
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| Initial levels: | 33,808.96 for Dow Jones industrial average, 1,791.506 for Russell 2000
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| Downside threshold: | 23,666.272 for Dow Jones industrial average, 1,254.054 for Russell 2000, 70% of initial levels
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| Pricing date: | April 21, 2023
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| Settlement date: | April 26, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774XLQ4
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