Published on 3/2/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $350,000 callable fixed-income notes on three indexes
By Kiku Steinfeld
Chicago, March 4 – Morgan Stanley Finance LLC priced $350,000 of 17.5% callable fixed-income securities due April 1, 2025 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 quarterly observation date starting Oct. 1, 2023.
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: | $350,000
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Maturity: | April 1, 2025
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Coupon: | 17.5% 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 quarterly observation date starting Oct. 1, 2023
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Initial levels: | 33,926.74 for Dow, 14,945.91 for Nasdaq, 1,849.930 for Russell
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Downside thresholds: | 23,748.718 for Dow, 10,462.137 for Nasdaq, 1,294.951 for Russell, 70% of initial levels
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Pricing date: | June 27, 2023
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Settlement date: | June 30, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61775HCP0
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