Published on 7/22/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $38.03 million 9.7% callable fixed income securities on three indexes
Chicago, July 24 – Morgan Stanley Finance LLC sold $38.03 million of 9.7% callable fixed income securities due July 17, 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 monthly redemption 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 (with the final coupon).
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: | $38,031,000
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| Maturity: | July 17, 2024
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| Coupon: | 9.7% per year, payable monthly
|
| Price: | Par
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| 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 monthly redemption date after six months
|
| Initial levels: | 15,119.06 for Nasdaq, 1,913.361 for Russell, 4,439.26 for S&P
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| Downside threshold levels: | 10,583.342 for Nasdaq, 1,339.353 for Russell, 3,107.482 for S&P; 70% of initial levels
|
| Pricing date: | July 13
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| Settlement date: | July 18
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61775HKN6
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