Published on 1/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $584,000 13% callable contingent income notes on indexes, ETF
By Kiku Steinfeld
Chicago, Jan. 31 – Morgan Stanley Finance LLC priced $584,000 of callable contingent income securities due Dec. 12, 2024 linked to Russell 2000 index, Technology Select Sector SPDR Fund and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13%, 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 Sept. 14, 2023 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 Dow Jones industrial average
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| Amount: | $584,000
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| Maturity: | Dec. 12, 2024
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| Coupon: | 13%, 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 Sept. 14, 2023 at par on any quarterly call date
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| Initial levels: | 33,876.78 for Dow, 1,865.706 for Russell, $166.01 for Technology Select Sector SPDR Fund
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| Downside thresholds: | 23,713.746 for Dow, 1,305.994 for Russell, $116.207 for Technology Select Sector SPDR Fund, 70% of initial levels
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| Coupon barriers: | 25,407.585 for Dow, 1,399.280 for Russell, $124.508 for Technology Select Sector SPDR Fund, 75% of initial levels
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| Pricing date: | June 9, 2023
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| Settlement date: | June 14, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774X5Y5
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