Published on 5/26/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 8.2% callable fixed income notes on Russell, MSCI EM
By Kiku Steinfeld
Chicago, May 26 – Morgan Stanley Finance LLC sold $250,000 of 8.2% callable fixed income securities due Jan. 23, 2026 tied to the worst performing of the MSCI Emerging Markets index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will be callable at par plus the coupon on any quarterly observation date after one year.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par plus the fixed coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer 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: | Callable fixed income securities
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| Underlying indexes: | MSCI Emerging Markets index, Russell 2000 index
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| Amount: | $250,000
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| Maturity: | Jan. 23, 2026
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| Coupon: | 8.2% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | At par plus fixed coupon on any quarterly observation date after one year
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| Initial levels: | 1,027.91 for MSCI, 1,836.345 for Russell
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| Downside threshold levels: | 719.537 for MSCI, 1,285.442 for Russell; 70% of initial levels
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| Pricing date: | Jan. 19, 2023
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| Settlement date: | Jan. 24, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61774TQF2
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