Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $150,000 more callable contingent income securities on indexes
By Kiku Steinfeld
Chicago, Sept. 15 – Morgan Stanley Finance LLC sold an additional $150,000 of callable contingent income securities due May 22, 2025 linked to the Nasdaq-100 index, the Russell 2000 index and Dow Jones industrial average increasing the total amount of the notes to $1,697,000, according to a 424B2 filing with the Securities and Exchange Commission.
The company priced $1,547,000 of the notes on Feb. 17, 2023.
Investors will receive a coupon of 10.5%, 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 at par on any quarterly call date.
At maturity, the payout will be par unless the worst performing index finishes below its 60% 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
|
| 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: | $150,000 add-on
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| Total issue size: | $1,697,000, including $1,547,000 priced on Feb. 17, 2023
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| Maturity: | May 22, 2025
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| Coupon: | 10.5%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying index
|
| Call option: | At par on any quarterly call date
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| Initial levels: | 33,826.69 for Dow, 12,358.18 for Nasdaq, 1,946.356 for Russell
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| Downside threshold: | 20,296.014 for Dow, 7,414.908 for Nasdaq, 1,167.814 for Russell, 60% of initial levels
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| Coupon barriers: | 23,678.683 for Dow, 8,650.726 for Nasdaq index, 1,362.449 for Russell, 70% of initial levels
|
| Pricing date: | March 2, 2023
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| Settlement date: | March 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774TL83
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