Published on 11/30/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million 6.3% contingent income securities on Russell, Nasdaq, Dow
By Kiku Steinfeld
Chicago, Nov. 30 – Morgan Stanley Finance LLC priced $1 million of contingent income securities due March 30, 2023 linked to the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 6.3%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
If the worst performing index gains or ends above its 60% downside threshold, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its downside threshold level.
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: | Contingent income securities
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1 million
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Maturity: | March 30, 2023
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Coupon: | 6.3%, paid quarterly, if each underlying index closes at or above its coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold level
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Initial level: | 34,861.24 for Dow, 14,754.31 for Nasdaq, 2,077.983 for Russell
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Coupon barrier: | 24,402.868 for Dow, 10,328.017 for Nasdaq, 1,454.588 for Russell, 70% of initial level
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Downside threshold: | 20,916.744 for Dow, 8,852.586 for Nasdaq, 1,246.790 for Russell, 60% of initial level
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Pricing date: | March 25
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Settlement date: | March 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61773QUK3
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