Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $793,000 11% callable contingent income notes on indexes, ETF
By Kiku Steinfeld
Chicago, Feb. 5 – Morgan Stanley Finance LLC priced $793,000 of callable contingent income securities due June 20, 2025 linked to Russell 2000 index, SPDR S&P Regional Banking ETF and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date.
The securities may be called starting Dec. 21, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes below its 50% downside threshold in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, SPDR S&P Regional Banking ETF and Nasdaq-100 index
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Amount: | $793,000
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Maturity: | June 20, 2025
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Coupon: | 11%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying asset
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Call: | Starting Dec. 21, 2023 at par on any quarterly call date
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Initial levels: | $43.07 for SPDR S&P Regional Banking ETF, 15,083.92 for Nasdaq, 1,875.467 for Russell
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Downside thresholds: | $21.535 for SPDR S&P Regional Banking ETF, 7,541.96 for Nasdaq, 937.734 for Russell, 50% of initial levels
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Coupon barriers: | $25.842 for SPDR S&P Regional Banking ETF, 9,050.352 for Nasdaq index, 1,125.280 for Russell, 60% of initial levels
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Pricing date: | June 16, 2023
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Settlement date: | June 22, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 61774X6H1
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