Published on 2/7/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $900,000 8.6% callable contingent income notes on indexes
Chicago, Feb. 7 – Morgan Stanley Finance LLC priced $900,000 of callable contingent income securities due May 21, 2026 linked to the worst performing of the 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 8.6%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities may be called starting Nov. 24, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 70% 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: | Russell 2000 index and S&P 500 index
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Amount: | $900,000
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Maturity: | May 21, 2026
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Coupon: | 8.6% annual rate, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly 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 Nov. 24, 2023 at par on any quarterly call date
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Initial levels: | 1,784.856 for Russell, 4,198.05 for S&P
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Downside threshold levels: | 1,249.399 for Russell, 2,938.635 for S&P, 70% of initial levels
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Pricing date: | May 18, 2023
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Settlement date: | May 23, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.35%
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Cusip: | 61774X3F8
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