Published on 9/22/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.27 million callable contingent income securities on index, ETFs
New York, Sept. 22 – Morgan Stanley Finance LLC priced $1.27 million of callable contingent income securities due Dec. 18, 2025 linked to the Energy Select Sector SPDR Fund, the VanEck Gold Miners ETF and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17.15%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par on any quarterly call date starting Dec. 20.
At maturity, the payout will be par unless the worst performing asset finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Energy Select Sector SPDR Fund, VanEck Gold Miners ETF and Nasdaq-100 index
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Amount: | $1,272,000
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Maturity: | Dec. 18, 2025
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Coupon: | 17.15%, paid monthly, if each underlier 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 the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying asset
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Call option: | At par on any quarterly call date starting Dec. 20
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Initial levels: | $29.72 for VanEck Gold Miners ETF, 15,202.40 for Nasdaq-100, $92.01 for Energy Select Sector SPDR Fund
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Downside thresholds: | $17.832 for VanEck Gold Miners ETF, 9,121.44 for Nasdaq-100, $55.206 for Energy Select Sector SPDR Fund, 60% of initial levels
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Coupon barriers: | $20.804 for VanEck Gold Miners ETF, 10,641.68 for Nasdaq-100, $64.407 for Energy Select Sector SPDR Fund, 70% of initial levels
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Pricing date: | Sept. 15
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Settlement date: | Sept. 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61775H3N5
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