Published on 1/3/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.34 million accelerated return securities linked to SPDR ETF
New York, Jan. 3 – Morgan Stanley Finance LLC priced $3.34 million of 0% accelerated return securities due Dec. 27, 2027 linked to the SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the ETF is positive, the payout at maturity will be par plus 150% of the ETF return, subject to a maximum return of par plus 65%.
Investors will receive par if the ETF declines but ends at or above its 75% trigger level and will lose 1% for every 1% that the ETF declines if it finishes below the trigger 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: | Accelerated return securities
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Underlying fund: | SPDR Gold Trust
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Amount: | $3,339,000
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Maturity: | Dec. 27, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If return of ETF is positive, par plus 150% of ETF return, subject to a maximum return of par plus 65%; if ETF declines but finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that ETF declines from initial level
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Initial level: | $189.43
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Upside leverage: | 150%
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Cap: | 65%
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Trigger level: | $142.073, 75% of initial level
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 61771WCV8
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