Published on 12/20/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $124.92 million callable fixed-income notes on three indexes
By Marisa Wong
Los Angeles, Dec. 20 – Morgan Stanley Finance LLC priced $124,919,000 of 8.77% callable fixed-income securities due Dec. 23, 2024 tied to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be callable at par plus the coupon on any monthly observation date after six months.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level. In addition, investors will receive the final coupon.
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 fixed-income securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $124,919,000
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| Maturity: | Dec. 23, 2024
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| Coupon: | 8.77% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above downside threshold; otherwise, 1% loss for every 1% decline of worst performer from its initial level; in each case with final coupon
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| Call option: | At par plus fixed coupon on any monthly observation date beginning June 24, 2024
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| Initial levels: | 1,985.127 for Russell, 16,623.45 for Nasdaq, 4,719.19 for S&P
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| Downside thresholds: | 1,389.589 for Russell, 11,636.415 for Nasdaq, 3,303.433 for S&P; 70% of initial levels
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61775MP59
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