Published on 5/22/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.06 million 10% callable fixed income securities on three indexes
By William Gullotti
Buffalo, N.Y., May 22 – Morgan Stanley Finance LLC sold $1.06 million of 10% callable fixed income securities due May 22, 2024 tied to the worst performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 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 after six months.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par plus the fixed coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable fixed income securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $1,058,000
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| Maturity: | May 22, 2024
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| Coupon: | 10% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | At par plus fixed coupon on any quarterly observation date after six months
|
| Initial levels: | 13,426.01 for Nasdaq, 1,736.182 for Russell, 4,109.9 for S&P
|
| Downside threshold levels: | 9,398.207 for Nasdaq, 1,215.327 for Russell, 2,876.93 for S&P; 70% of initial levels
|
| Pricing date: | May 16
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| Settlement date: | May 19
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
|
| Cusip: | 61774XG49
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