Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $500,000 9.5% callable contingent income buffered notes on indexes
Chicago, Feb. 13 – Morgan Stanley Finance LLC priced $500,000 of callable contingent income buffered securities due Dec. 2, 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 9.5%, 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. 31, 2023 at par on any quarterly call date.
At maturity the payout will be par if the worst performing index gains or declines by no more than its 20% buffer. Otherwise, investors will receive par less the decline of the worst performing index beyond the buffer.
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 buffered 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: | Dec. 2, 2024
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| Coupon: | 9.5% 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 if worst performing index gains or declines by no more than its buffer; otherwise par less loss of worst performing index beyond buffer
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| Call: | Starting Aug. 31, 2023 at par on any quarterly call date
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| Initial levels: | 33,093.34 for Dow, 14,298.41 for Nasdaq, 1,773.022 for Russell
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| Coupon barriers: | 23,165.338 for Dow, 10,008.887 for Nasdaq, 1,241.115 for Russell, 70% of initial levels
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| Buffer levels: | 26,474.672 for Dow, 11,438.728 for Nasdaq, 1,418.418 for Russell, 80% of initial level
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| Buffer: | 20%
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| Downside leverage: | 100%
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| Pricing date: | May 26, 2023
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| Settlement date: | June 1, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61774XR70
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