Published on 11/13/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $686,000 12.5% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Nov. 13 – Morgan Stanley Finance LLC priced $686,000 of callable contingent income securities due April 16, 2025 linked to Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.5%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called starting Oct. 16, 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: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $686,000
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Maturity: | April 16, 2025
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Coupon: | 12.5%, paid monthly, if each underlying index 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 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 Oct. 16, 2023 at par on any quarterly call date
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Initial levels: | 33,684.79 for Dow, 12,964.16 for Nasdaq, 1,786.595 for Russell
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Downside thresholda: | 23,579.353 for Dow, 9,074.912 for Nasdaq, 1,250.617 for Russell, 70% of initial levels
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Coupon barriers: | 25,263.593 for Dow, 9,723.12 for Nasdaq, 1,339.946 for Russell, 75% of initial levels
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Pricing date: | April 11, 2023
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Settlement date: | April 14, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61774XNC3
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