Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $59.47 million 11.56% callable fixed income securities on indexes
By William Gullotti
Buffalo, N.Y., April 25 – Morgan Stanley Finance LLC sold $59.47 million of 11.56% callable fixed income securities due April 28, 2025 tied to the worst performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be callable at par plus the coupon on any monthly observation date after six months.
If the notes have not been called, the payout at maturity will be par plus the fixed coupon unless any index closes below its 70% downside threshold on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable fixed income securities
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $59,467,000
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| Maturity: | April 28, 2025
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| Coupon: | 11.56% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par plus the fixed coupon unless any index closes below its 70% downside threshold on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
|
| Call option: | At par plus fixed coupon on any monthly observation date after six months
|
| Initial levels: | 17,037.65 for Nasdaq, 1,947.656 for Russell, 4,967.23 for S&P
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| Downside threshold levels: | 11,926.355 for Nasdaq, 1,363.359 for Russell, 3,477.061 for S&P; 70% of initial levels
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| Pricing date: | April 19
|
| Settlement date: | April 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61776LSB4
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