Published on 10/24/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $900,000 9% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Oct. 24 – Morgan Stanley Finance LLC priced $900,000 of callable contingent income securities due Oct. 2, 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 9%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 50% 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: | $900,000
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Maturity: | Oct. 2, 2025
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Coupon: | 9%, paid monthly, if each underlying index closes at or above its 70% coupon barrier 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: | At par on any quarterly call date
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Initial levels: | 32,394.25 for Dow, 1,752.632 for Russell, 3,971.27 for S&P
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Downside threshold: | 16,197.125 for Dow, 876.316 for Russell, 1,985.635 for S&P, 50% of initial levels
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Coupon barriers: | 22,675.975 for Dow, 1,226.842 for Russell, 2,779.889 for S&P, 70% of initial levels
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Pricing date: | March 28, 2023
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Settlement date: | March 31, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.7%
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Cusip: | 61774XDY6
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