Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.73 million 12.2% worst of fixed coupon RevCons on stocks
New York, April 30 – Morgan Stanley Finance LLC priced $2.73 million of worst of fixed coupon RevCons due April 27, 2026 linked to the common stocks of American Tower Corp., Air Products and Chemicals, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.2%, paid quarterly.
If the worst performing stock finishes at or above the 70% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines 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: | Worst of fixed coupon RevCons
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Underlying stocks: | American Tower Corp., Air Products and Chemicals, Inc. and UnitedHealth Group Inc.
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Amount: | $2,733,000
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Maturity: | April 27, 2026
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Coupon: | 12.2%, paid quarterly
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Price: | Par
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Payout at maturity: | If worst performing stock finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that worst performing stock declines if it finishes below its downside threshold level
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Initial levels: | $172.30 for American Tower, $234.36 for Air Products and Chemicals, $491.23 for UnitedHealth Group
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Downside thresholds: | $120.61 for American Tower, $164.052 for Air Products and Chemicals, $343.861 for UnitedHealth Group, 70% of initial levels
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Pricing date: | April 24
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Settlement date: | April 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.25%
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Cusip: | 61776LD61
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