Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 11.85% callable contingent income securities on indexes
Chicago, Feb. 11 – Morgan Stanley Finance LLC priced $500,000 of callable contingent income securities due May 28, 2024 linked to the worst performing of the Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.85%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Aug. 24, 2023 at par on any quarterly call date.
Investors will receive par at maturity if no index closes below its 60% downside threshold level during the life of the notes or if all three indexes finish above their initial levels. Otherwise, investors will be fully exposed to the losses of the worst performer.
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 indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | May 28, 2024
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| Coupon: | 11.85% annual rate, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless an index closes below downside threshold level at any point during life of notes or if all three indexes finish above initial levels; otherwise, full exposure to losses of worst performer
|
| Call: | Starting Aug. 24, 2023 at par on any quarterly call date
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| Initial levels: | 33,426.63 for Dow, 13,803.49 for Nasdaq, 1,773.717 for Russell
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| Coupon barriers: | 23,398.641 for Dow, 9,662.443 for Nasdaq, 1,241.602 for Russell, 70% of initial levels
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| Downside threshold: | 20,055.978 for Dow, 8,282.094 for Nasdaq, 1,064.230 for Russell, 60% of initial levels
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| Pricing date: | May 19, 2023
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| Settlement date: | May 24, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774XP56
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