Published on 3/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $400,000 8.15% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, April 1 – Morgan Stanley Finance LLC priced $400,000 of callable contingent income securities due April 3, 2025 linked to Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.15%, 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 Jan. 4, 2024 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 50% 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.
| 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 S&P 500 index
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| Amount: | $400,000
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| Maturity: | April 3, 2025
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| Coupon: | 8.15%, 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 index
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| Call: | Starting Jan. 4, 2024 at par on any quarterly call date
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| Initial levels: | 15,179.21 for Nasdaq-100, 1,888.734 for Russell 2000, 4,450.38 for S&P 500
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| Downside thresholds: | 7,589.605 for Nasdaq-100, 944.367 for Russell 2000, 2,225.19 for S&P 500, 50% of initial levels
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| Coupon barriers: | 10,625.447 for Nasdaq-100 index, 1,322.114 for Russell 2000 index, 3,115.266 for S&P 500 index, 70% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.4%
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| Cusip: | 61775HEU7
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