Published on 2/21/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5 million callable contingent income securities on three ETFs
New York, Feb. 21 – Morgan Stanley Finance LLC priced $5 million of callable contingent income securities due Feb. 11, 2027 linked to the VanEck Gold Miners ETF, the SPDR S&P Regional Banking 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 16.55%, 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 at par on any quarterly call date.
At maturity, the payout will be par unless the worst performing fund finishes 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, SPDR S&P Regional Banking ETF and Utilities Select Sector SPDR Fund
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| Amount: | $5 million
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| Maturity: | Feb. 11, 2027
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| Coupon: | 16.55%, 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 finishes 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 option: | At par on any quarterly call date
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| Initial levels: | $27.72 for VanEck Gold Miners ETF, $46.97 for SPDR S&P Regional Banking ETF, $60.43 for Utilities Select Sector SPDR Fund
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| Downside thresholds: | $16.632 for VanEck Gold Miners ETF, $28.182 for SPDR S&P Regional Banking ETF, $36.258 for Utilities Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | $19.404 for VanEck Gold Miners ETF, $32.879 for SPDR S&P Regional Banking ETF, $42.301 for Utilities Select Sector SPDR Fund, 70% of initial levels
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| Strike date: | Feb. 6
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 14
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61771WZD3
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