Published on 4/19/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.9 million callable contingent income securities on Russell, ETFs
New York, April 19 – Morgan Stanley Finance LLC priced $1.9 million of callable contingent income securities due April 2, 2026 linked to the SPDR S&P Biotech ETF, the SPDR S&P Regional Banking ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.65%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call date starting Oct. 3, 2024.
At maturity, the payout will be par unless the worst performing asset finishes below its 55% 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: | SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF and Russell 2000 index
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| Amount: | $1,902,000
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| Maturity: | April 2, 2026
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| Coupon: | 12.65%, 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 finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
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| Call option: | At par on any quarterly call date starting Oct. 3, 2024
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| Initial levels: | $50.28 for SPDR S&P Regional Banking ETF, 2,124.547 for Russell 2000, $94.89 for SPDR S&P Biotech ETF
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| Downside thresholds: | $27.654 for SPDR S&P Regional Banking ETF, 1,168.501 for Russell 2000, $52.190 for SPDR S&P Biotech ETF, 55% of initial levels
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| Coupon barriers: | $30.168 for SPDR S&P Regional Banking ETF, 1,274.728 for Russell 2000, $56.934 for SPDR S&P Biotech ETF, 60% of initial levels
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| Pricing date: | March 28
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| Settlement date: | April 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61776LLA3
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