Published on 9/11/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.5 million 11.25% contingent income securities on ETFs
New York, Sept. 11 – Morgan Stanley Finance LLC priced $3.5 million of contingent income securities due March 5, 2025 linked to the SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF and Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid quarterly, if each underlying fund closes at or above its 75% downside threshold on the related quarterly observation date.
If the worst performing ETF gains or ends above its downside threshold the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing ETF declines if it finishes below its downside threshold 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: | Contingent income securities
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| Underlying ETFs: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF and Invesco QQQ Trust, Series 1
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| Amount: | $3.5 million
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| Maturity: | March 5, 2025
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| Coupon: | 11.25%, paid quarterly, if each underlying fund closes at or above its 75% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing ETF declines if it finishes below its downside threshold level
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| Initial level: | $185.64 for iShares Russell 2000 ETF, $366.76 for Invesco QQQ Trust, Series 1, $442.76 for SPDR S&P 500
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| Downside threshold: | $139.23 for iShares Russell 2000 ETF, $275.07 for Invesco QQQ Trust, Series 1, $332.07 for SPDR S&P 500, 75% of initial level
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 1
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.3%
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| Cusip: | 61775HN60
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