Published on 5/15/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.27 million callable contingent income securities on S&P, Dow
New York, May 15 – Morgan Stanley Finance LLC priced $1.27 million of callable contingent income securities due May 14, 2026 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.4%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities may be called at par on any quarterly call determination date starting Nov. 15, 2023.
At maturity, the payout will be par unless the worst performing index finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of that index.
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: | S&P 500 index and Dow Jones industrial average
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| Amount: | $1,265,000
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| Maturity: | May 14, 2026
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| Coupon: | 8.4%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying index
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| Call option: | At par on any quarterly call determination date starting Nov. 15, 2023
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| Initial levels: | 33,531.33 for Dow Jones industrial average, 4,137.64 for S&P 500
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| Downside threshold: | 21,795.365 for Dow Jones industrial average, 2,689.466 for S&P 500, 65% of initial levels
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| Coupon barriers: | 25,148.498 for Dow Jones industrial average, 3,103.23 for S&P 500, 75% of initial levels
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| Pricing date: | May 10
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| Settlement date: | May 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774XXE8
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