Published on 1/29/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $7.53 million 14.15% callable contingent income on funds
Chicago, Jan. 29 – Morgan Stanley Finance LLC priced $7.53 million of callable contingent income securities due April 21, 2026 linked to the worst performing of the VanEck Gold Miners ETF, Energy Select Sector SPDR Fund and Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.15%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting April 19 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: | VanEck Gold Miners ETF, Energy Select Sector SPDR Fund and Utilities Select Sector SPDR Fund
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| Amount: | $7.53 million
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| Maturity: | April 21, 2026
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| Coupon: | 14.15% annual rate, paid monthly, if each underlying fund 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 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 April 19 at par on any quarterly call date
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| Initial levels: | $28.39 for gold, $80.71 for energy, $62.63 for utilities
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| Downside thresholds: | $17.034 for gold, $48.426 for energy, $37.578 for utilities, 60% of initial levels
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| Coupon barriers: | $19.873 for gold, $56.497 for energy, $43.841 for utilities, 70% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61771WQB7
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