Published on 1/18/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $395,000 9.75% callable contingent income notes on index, ETF
By Kiku Steinfeld
Chicago, Jan. 18 – Morgan Stanley Finance LLC priced $395,000 of callable contingent income securities due Oct. 31, 2024 linked to Russell 2000 index, Technology Select Sector SPDR Fund and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.75%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called starting Aug. 2, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes below its 50% downside threshold in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, Technology Select Sector SPDR Fund and S&P 500 index
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| Amount: | $395,000
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| Maturity: | Oct. 31, 2024
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| Coupon: | 9.75%, paid monthly, if each underlier closes at or above its 75% 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 asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying asset
|
| Call: | Starting Aug. 2, 2023 at par on any quarterly call date
|
| Initial levels: | 1,768.987 for Russell, 4,169.48 for S&P, $150.83 for Technology Select Sector SPDR Fund
|
| Downside thresholds: | 884.494 for Russell, 2,084.74 for S&P, $75.415 for Technology Select Sector SPDR Fund, 50% of initial levels
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| Coupon barriers: | 1,326.740 for Russell, 3,127.11 for S&P, $113.123 for Technology Select Sector SPDR Fund, 75% of initial levels
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774XUR2
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