Published on 3/10/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 9% callable contingent income buffered notes on indexes
By Kiku Steinfeld
Chicago, March 11 – Morgan Stanley Finance LLC priced $500,000 of callable contingent income buffered securities due July 3, 2025 linked to Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Oct. 3, 2023 at par on any quarterly call date.
At maturity the payout will be par if the worst performing index gains or declines by no more than its 20% buffer. Otherwise investors will receive par less 100% of the decline of the worst performing index beyond the buffer.
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 buffered securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $500,000
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| Maturity: | July 3, 2025
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| Coupon: | 9%, paid monthly, if each underlying index 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 if worst performing index gains or declines by no more than its buffer; otherwise par less 100% of loss of worst performing index beyond buffer
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| Call: | Starting Oct. 3, 2023 at par on any quarterly call date
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| Initial levels: | 14,964.57 for Nasdaq-100, 1,858.709 for Russell 2000, 4,376.86 for S&P 500
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| Coupon barriers: | 10,475.199 for Nasdaq-100 index, 1,301.096 for Russell 2000 index, 3,063.802 for S&P 500 index, 70% of initial levels
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| Buffer: | 20%
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| Buffer level: | 11,971.656 for Nasdaq-100 index, 1,486.967 for Russell 2000 index, 3,501.488 for S&P 500 index, 80% of initial level
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| Downside leverage: | 100%
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| Pricing date: | June 28, 2023
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| Settlement date: | July 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61775HBT3
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