Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.09 million callable contingent income securities on three ETFs
New York, April 23 – Morgan Stanley Finance LLC priced $2.09 million of callable contingent income securities due April 22, 2027 linked to the SPDR S&P Regional Banking ETF, the iShares U.S. Real Estate ETF and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16.85%, paid monthly, if each underlying fund closes at or above its 70% downside threshold 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 ETF finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performing ETF.
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 Regional Banking ETF, iShares U.S. Real Estate ETF and Utilities Select Sector SPDR Fund
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Amount: | $2,086,000
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Maturity: | April 22, 2027
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Coupon: | 16.85%, paid monthly, if each underlying fund closes at or above its 70% 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 ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
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Call option: | At par on any quarterly call date
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Initial levels: | $81.63 for iShares U.S. Real Estate ETF, $45.83 for SPDR S&P Regional Banking ETF, $64.08 for Utilities Select Sector SPDR Fund
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Downside thresholds: | $57.141 for iShares U.S. Real Estate ETF, $32.081 for SPDR S&P Regional Banking ETF, $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: | 0.25%
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Cusip: | 61776LUD7
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