Published on 12/10/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $650,000 8.75% callable contingent income securities on Dow, S&P
Chicago, Dec. 11 – Morgan Stanley Finance LLC priced $650,000 of callable contingent income securities due Nov. 5, 2024 linked to the worst performing of the Dow Jones industrial average and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.75%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting Feb. 3, 2023 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 50% 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: | Dow Jones industrial average and S&P 500 index
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Amount: | $650,000
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Maturity: | Nov. 5, 2024
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Coupon: | 8.75% annual rate, paid monthly, if each underlying index 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 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 Feb. 3, 2023 at par on any quarterly call date
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Initial levels: | 32,732.95 for Dow, 3,871.98 for S&P
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Coupon barriers: | 22,913.065 for Dow, 2,710.386 for S&P, 70% of initial levels
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Downside threshold: | 16,366.475 for Dow, 1,935.990 for S&P, 50% of initial levels
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Pricing date: | Oct. 31, 2022
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Settlement date: | Nov. 3, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61774HD39
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