Published on 10/31/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10.85 million 18.25% callable contingent income notes on ETFs
New York, Oct. 31 – Morgan Stanley Finance LLC priced $10.85 million of callable contingent income securities due Jan. 23, 2026 linked to SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF and VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 18.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date.
The securities may be called starting Jan. 25, 2024 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing fund closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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 ETFs: | SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF and VanEck Gold Miners ETF
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| Amount: | $10,845,000
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| Maturity: | Jan. 23, 2026
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| Coupon: | 18.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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| Call: | Starting Jan. 25, 2024 at par on any quarterly call date
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| Initial levels: | $29.48 for VanEck Gold Miners ETF, $39.10 for SPDR S&P Regional Banking ETF, $66.92 for SPDR S&P Biotech ETF
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| Downside thresholds: | $17.688 for VanEck Gold Miners ETF, $23.46 for SPDR S&P Regional Banking ETF, $40.152 for SPDR S&P Biotech ETF, 60% of initial levels
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61775MNW2
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