Published on 3/3/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2 million 7.7% callable contingent income securities on indexes
Chicago, March 4 – Morgan Stanley Finance LLC priced $2 million of callable contingent income securities due Feb. 26, 2026 linked to the worst performing of the S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a quarterly coupon of 7.7% if all three indexes close above 60% of their initial levels on the related observation date.
The securities may be called starting May 24 at par and on any subsequent quarterly 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 the worst performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| 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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $2 million
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| Maturity: | Feb. 26, 2026
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| Coupon: | 7.7% annual rate, payable quarterly if all three indexes close above coupon barrier levels on related 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 index
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| Call: | Starting May 24 at par and on any subsequent quarterly date
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| Initial levels: | 17,478.91 for Nasdaq, 1,994.743 for Russell, 4,981.80 for S&P
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| Coupon barrier levels: | 10,487.346 for Nasdaq, 1,196.846 for Russell, 2,989.08 for S&P, 60% of initial levels
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| Downside thresholds: | 10,487.346 for Nasdaq, 1,196.846 for Russell, 2,989.08 for S&P, 60% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Distributor: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 61771W2Y3
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