Published on 7/20/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.77 million callable contingent income securities on indexes
New York, July 20 – Morgan Stanley Finance LLC priced $2.77 million of callable contingent income securities due July 10, 2025 linked to the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.15%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call date starting Jan. 11, 2024.
At maturity, the payout will be par unless the worst performing index finishes 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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $2,773,000
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| Maturity: | July 10, 2025
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| Coupon: | 9.15%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index finishes 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 option: | At par on any quarterly call date starting Jan. 11, 2024
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| Initial levels: | 33,734.88 for Dow Jones industrial average, 1,864.664 for Russell 2000, 4,398.95 for S&P 500
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| Downside thresholds: | 20,240.928 for Dow Jones industrial average, 1,118.798 for Russell 2000, 2,639.37 for S&P 500, 60% of initial levels
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| Coupon barriers: | 23,614.416 for Dow Jones industrial average, 1,305.265 for Russell 2000, 3,079.265 for S&P 500, 70% of initial levels
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| Pricing date: | July 7
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| Settlement date: | July 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61775HGF8
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