Published on 11/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.75 million 9.05% callable contingent income notes on indexes
Chicago, Nov. 28 – Morgan Stanley Finance LLC priced $1.75 million of callable contingent income securities due May 27, 2025 linked to the worst performing of the Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.05%, paid monthly, if each underlying index closes at or above its 60% coupon barrier on the related monthly observation date.
The securities may be called starting May 24, 2024 at par on any quarterly call date.
At maturity the payout will be par if no index closes below the 60% trigger level at any point during the life of the notes or if all three indexes finish positive. Otherwise, investors will be fully exposed to the decline of the worst performing 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 Dow Jones industrial average
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| Amount: | $1.75 million
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| Maturity: | May 27, 2025
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| Coupon: | 9.05% annual rate, paid monthly, if each underlying index closes at or above its 60% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par if all three indexes close above initial levels or no index ever closes below trigger level during life of notes; otherwise, full exposure to losses of worst performer
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| Call: | Starting May 24, 2024 at par on any quarterly call date
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| Initial levels: | 35,088.29 for Dow, 15,933.62 for Nasdaq, 1,783.263 for Russell
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| Coupon barrier levels: | 21,052.974 for Dow, 9,560.172 for Nasdaq, 1,069.958 for Russell, 60% of initial levels
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| Trigger levels: | 21,052.974 for Dow, 9,560.172 for Nasdaq, 1,069.958 for Russell, 60% of initial levels
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| Pricing date: | Nov. 21
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| Settlement date: | Nov. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 61775MZC3
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