Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.23 million callable contingent income securities on index, ETFs
New York, April 22 – Morgan Stanley Finance LLC priced $3.23 million of callable contingent income securities due April 15, 2027 linked to the SPDR S&P Biotech ETF, the iShares Russell 2000 ETF and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call date starting Oct. 16, 2024.
At maturity, the payout will be par unless the worst performing asset finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | SPDR S&P Biotech ETF, iShares Russell 2000 ETF and Nasdaq-100 index
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| Amount: | $3,231,000
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| Maturity: | April 15, 2027
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| Coupon: | 11.25%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
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| Call option: | At par on any quarterly call date starting Oct. 16, 2024
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| Initial levels: | $200.93 for iShares Russell 2000 ETF, 18,011.65 for Nasdaq-100, $89.95 for SPDR S&P Biotech ETF
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| Downside thresholds: | $130.605 for iShares Russell 2000 ETF, 11,707.573 for Nasdaq-100, $58.468 for SPDR S&P Biotech ETF, 65% of initial levels
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| Coupon barriers: | $140.651 for iShares Russell 2000 ETF, 12,608.155 for Nasdaq-100, $62.965 for SPDR S&P Biotech ETF, 70% of initial levels
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| Pricing date: | April 10
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| Settlement date: | April 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61776LST5
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