Published on 7/26/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.23 million 10.25% contingent income securities on indexes
New York, July 26 – Morgan Stanley Finance LLC priced $1.23 million of contingent income securities due July 23, 2026 linked to the Russell 2000 index, S&P 500 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.25%, paid quarterly, if each underlying index closes at or above its 80% downside threshold on the related quarterly observation date.
If the worst performing index gains or ends above its downside threshold the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its downside threshold level.
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: | Contingent income securities
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Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $1,225,000
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Maturity: | July 23, 2026
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Coupon: | 10.25%, paid quarterly, if each underlying index closes at or above its 80% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold level
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Initial level: | 15,466.09 for Nasdaq-100, 1,967.160 for Russell 2000, 4,534.87 for S&P 500
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Downside threshold: | 12,372.872 for Nasdaq-100, 1,573.728 for Russell 2000, 3,627.896 for S&P 500, 80% of initial level
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Pricing date: | July 20
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Settlement date: | July 25
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.5%
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Cusip: | 61775HHL4
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