Published on 3/5/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $63.05 million callable fixed-income notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 5 – Morgan Stanley Finance LLC priced $63.05 million of 10.86% callable fixed-income securities due March 3, 2025 tied to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will be callable at par plus the coupon on any quarterly observation date starting Aug. 28, 2024.
If the notes are not called and each index finishes at or above its initial level or has never closed below its 70% downside threshold during the life of the notes, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level. In addition, investors will receive the final coupon.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Callable fixed-income securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $63,054,000
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| Maturity: | March 3, 2025
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| Coupon: | 10.86% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above initial level or has never closed below downside threshold; otherwise, 1% loss for every 1% decline of worst performer from its initial level; in each case with final coupon
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| Call option: | At par plus fixed coupon on any quarterly observation date starting Aug. 28, 2024
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| Initial levels: | 5,088.8 for S&P, 17,937.61 for Nasdaq, 2,016.688 for Russell
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| Downside thresholds: | 3,562.16 for S&P, 12,556.327 for Nasdaq, 1,411.682 for Russell, 70% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61771WZC5
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