Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $600,000 11.75% callable contingent income notes on indexes
By Kiku Steinfeld
Chicago, Oct. 2 – Morgan Stanley Finance LLC priced $600,000 of callable contingent income securities due Sept. 21, 2023 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 11.75%, paid monthly, if each underlying index closes at or above its 70% downside threshold on the related monthly observation date.
The securities may be called starting June 2023 at par on any monthly call date.
At maturity the payout will be par unless the worst performing index closes below its 70% downside threshold in which case investors will be fully exposed to the decline of that index.
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 indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $600,000
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| Maturity: | Sept. 21, 2023
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| Coupon: | 11.75%, paid monthly, if each underlying index 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 index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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| Call: | Starting June 23, 2023 at par on any monthly call date
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| Initial levels: | 12,519.88 for Nasdaq, 1,725.891 for Russell, 3,916.64 for S&P
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| Downside thresholds: | 8,763.916 for Nasdaq, 1,208.124 for Russell, 2,741.648 for S&P, 70% of initial levels
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| Pricing date: | March 17, 2023
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| Settlement date: | March 22, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61774XAR4
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