Published on 9/29/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $869,000 11% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Sept. 29 – Morgan Stanley Finance LLC priced $869,000 of callable contingent income securities due March 20, 2025 linked to Dow Jones industrial average, 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 11%, paid monthly, if each underlying index closes at or above its 65% downside threshold on the related monthly observation date.
The securities may be called starting Sept. 21, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 65% 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: | $869,000
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Maturity: | March 20, 2025
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Coupon: | 11%, paid monthly, if each underlying index closes at or above its 65% downside threshold 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 underlying index
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Call: | Starting Sept. 21, 2023 at par on any quarterly call date
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Initial levels: | 32,246.55 for Dow, 1,771.237 for Russell, 3,960.28 for S&P
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Downside thresholds: | 20,960.258 for Dow, 1,151.304 for Russell, 2,574.182 for S&P, 65% of initial levels
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Pricing date: | March 16, 2023
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Settlement date: | March 21, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61774XBH5
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