Published on 3/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.57 million callable contingent income securities on Dow, ETFs
New York, March 1 – Morgan Stanley Finance LLC priced $2.57 million of callable contingent income securities due Nov. 29, 2024 linked to the SPDR S&P Regional Banking ETF, the Technology Select Sector SPDR Fund and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.7%, 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: | SPDR S&P Regional Banking ETF, Technology Select Sector SPDR Fund and Dow Jones industrial average
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| Amount: | $2,574,000
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| Maturity: | Nov. 29, 2024
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| Coupon: | 12.7%, 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 underlying asset
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| Call option: | At par on any quarterly call date
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| Initial levels: | 33,153.91 for Dow Jones industrial average, $61.67 for SPDR S&P Regional Banking ETF, $138.56 for Technology Select Sector SPDR Fund
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| Downside thresholds: | 19,892.346 for Dow Jones industrial average, $37.002 for SPDR S&P Regional Banking ETF, $83.136 for Technology Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | 23,207.737 for Dow Jones industrial average, $43.169 for SPDR S&P Regional Banking ETF, $96.992 for Technology Select Sector SPDR Fund, 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: | 0.375%
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| Cusip: | 61774TP97
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