Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.03 million callable contingent income securities on S&P, ETFs
New York, April 23 – Morgan Stanley Finance LLC priced $4.03 million of callable contingent income securities due April 22, 2026 linked to the Utilities Select Sector SPDR Fund, the SPDR S&P Regional Banking ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 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.
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: | Utilities Select Sector SPDR Fund, SPDR S&P Regional Banking ETF and S&P 500 index
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Amount: | $4,027,000
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Maturity: | April 22, 2026
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Coupon: | 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 asset
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Call option: | At par on any quarterly call date
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Initial levels: | $45.83 for SPDR S&P Regional Banking ETF, 5,022.21 for S&P 500, $64.08 for Utilities Select Sector SPDR Fund
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Downside thresholds: | $27.498 for SPDR S&P Regional Banking ETF, 3,013.326 for S&P 500, $38.448 for Utilities Select Sector SPDR Fund, 60% of initial levels
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Coupon barriers: | $32.081 for SPDR S&P Regional Banking ETF, 3,515.547 for S&P 500, $44.856 for Utilities Select Sector SPDR Fund, 70% of initial levels
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61776LVF1
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