Published on 11/9/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $500,000 callable contingent income buffered notes on indexes
By Kiku Steinfeld
Chicago, Nov. 9 – Morgan Stanley Finance LLC priced $500,000 of callable contingent income buffered securities due Feb. 9, 2024 linked to the least performing of the Russell 1000 Growth index, the S&P 500 index and the Russell 2000 Value index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent monthly coupon at the rate of 6.5% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the corresponding monthly observation date.
The notes may be called at par plus any coupon due on any quarterly observation date after six months.
If each index finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par.
Otherwise, investors will lose 1.4286% for every 1% decline of the worst performer beyond the buffer.
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: | Russell 1000 Growth index, Russell 200 Value, S&P 500 index
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| Amount: | $500,000
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| Maturity: | Feb. 9, 2024
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| Coupon: | 6.5% per year, payable monthly if each index closes at or above coupon barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above buffer level; otherwise, investors will lose 1.4286% for every 1% decline of the worst performer beyond buffer
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| Call option: | At par plus any coupon due on any quarterly observation date after six months
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| Initial levels: | 2,445.901 for Growth, 2,004.700 for Value, 4,105.02 for S&P
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| Coupon barrier levels: | 1,834.426 for Growth, 1,503.525 for Value, 3,078.765 for S&P; 75% of initial levels
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| Buffer levels: | 1,712.131 for Growth, 1,403.29 for Value, 2,873.514 for S&P; 70% of initial levels
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| Pricing date: | April 6, 2023
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| Settlement date: | April 12, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.06%
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| Cusip: | 61774XMJ9
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