Published on 12/13/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5.5 million contingent income securities linked to three ETFs
New York, Dec. 13 – Morgan Stanley Finance LLC priced $5.5 million of contingent income securities due June 12, 2024 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 13.35%, 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 its initial level.
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: | 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: | $5.5 million
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| Maturity: | June 12, 2024
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| Coupon: | 13.35%, paid quarterly, if each underlying fund closes at or above its 75% downside threshold on the related quarterly observation date
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| Price: | Par
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| 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
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| Initial level: | $179.54 for iShares Russell 2000 ETF, $280.53 for Invesco QQQ Trust, Series 1, $393.16 for SPDR S&P 500
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| Downside threshold: | $134.655 for iShares Russell 2000 ETF, $210.398 for Invesco QQQ Trust, Series 1, $294.87 for SPDR S&P 500, 75% of initial level
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| Strike date: | Dec. 7
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| Pricing date: | Dec. 8
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| Settlement date: | Dec. 13
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.3%
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| Cusip: | 61774TCN0
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