Published on 1/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $470,000 10% callable contingent income buffered notes on indexes
By Kiku Steinfeld
Chicago, Jan. 31 – Morgan Stanley Finance LLC priced $470,000 of callable contingent income buffered securities due June 12, 2025 linked to 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 10%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date.
The securities may be called starting Dec. 14, 2023 at par on any quarterly call date.
At maturity the payout will be par if the worst performing index gains or declines by no more than its 20% buffer. Otherwise investors will receive par less 100% of the decline of the worst performing index beyond the buffer.
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 buffered securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $470,000
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| Maturity: | June 12, 2025
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| Coupon: | 10%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par if worst performing index gains or declines by no more than its buffer; otherwise par less 100% of loss of worst performing index beyond buffer
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| Call: | Starting Dec. 14, 2023 at par on any quarterly call date
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| Initial levels: | 33,876.78 for Dow Jones industrial average, 14,528.36 for Nasdaq-100, 1,865.706 for Russell 2000
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| Coupon barriers: | 27,101.424 for Dow Jones industrial average, 11,622.688 for Nasdaq-100 index, 1,492.565 for Russell 2000 index, 80% of initial levels
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| Buffer: | 20%
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| Buffer levels: | 27,101.424 for Dow Jones industrial average, 11,622.688 for Nasdaq-100 index, 1,492.565 for Russell 2000 index, 80% of initial level
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| Downside leverage: | 100%
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| Pricing date: | June 9, 2023
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| Settlement date: | June 14, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61774X6B4
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