Published on 2/28/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $396,000 11.5% callable contingent income securities on indexes, ETF
Chicago, Feb. 28 – Morgan Stanley Finance LLC priced $396,000 of callable contingent income securities due July 22, 2026 linked to the worst performing of the S&P 500 index, SPDR S&P Regional Banking ETF and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting April 22 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing asset closes 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: | S&P 500 index, SPDR S&P Regional Banking ETF and Nasdaq-100 index
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Amount: | $396,000
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Maturity: | July 22, 2026
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Coupon: | 11.5% annual rate, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing asset closes 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: | Starting April 22 at par on any quarterly call date
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Initial levels: | $49.33 for banking ETF, 16,736.28 for Nasdaq, 4,739.21 for S&P
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Coupon barriers: | $34.531 for banking ETF, 11,715.396 for Nasdaq, 3,317.447 for S&P, 70% of initial levels
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Downside thresholds: | $29.598 for banking ETF, 10,041.768 for Nasdaq, 2,843.526 for S&P, 60% of initial levels
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Pricing date: | Jan. 17
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Settlement date: | Jan. 22
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61771WHT8
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