Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $829,000 9.1% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Feb. 5 – Morgan Stanley Finance LLC priced $829,000 of callable contingent income securities due March 25, 2025 linked to Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.1%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Dec. 26, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 60% 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: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $829,000
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Maturity: | March 25, 2025
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Coupon: | 9.1%, paid monthly, if each underlying index closes at or above its 70% 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 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 Dec. 26, 2023 at par on any quarterly call date
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Initial levels: | 34,053.87 for Dow, 15,070.15 for Nasdaq, 1,866.699 for Russell
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Downside thresholds: | 20,432.322 for Dow, 9,042.09 for Nasdaq, 1,120.019 for Russell, 60% of initial levels
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Coupon barriers: | 23,837.709 for Dow, 10,549.105 for Nasdaq, 1,306.689 for Russell, 70% of initial levels
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Pricing date: | June 20, 2023
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Settlement date: | June 23, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.7%
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Cusip: | 61774X7J6
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