Published on 2/6/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.13 million contingent income securities on three ETFs
New York, Feb. 6 – Morgan Stanley Finance LLC priced $1.13 million of contingent income securities due July 28, 2025 linked to the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.75%, 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 finishes at or above its downside threshold, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the worst performing ETF 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
|
| 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: | $1,125,000
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| Maturity: | July 28, 2025
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| Coupon: | 9.75%, paid quarterly, if each underlying fund closes at or above its 75% downside threshold on the related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing ETF finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that worst performing ETF declines from initial level
|
| Initial level: | $195.97 for iShares Russell 2000 ETF, $423.48 for Invesco QQQ Trust, Series 1, $484.86 for SPDR S&P 500
|
| Downside threshold: | $146.978 for iShares Russell 2000 ETF, $317.61 for Invesco QQQ Trust, Series 1, $363.645 for SPDR S&P 500, 75% of initial levels
|
| Strike date: | Jan. 23
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.3%
|
| Cusip: | 61771WSY5
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