Published on 7/12/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.75 million 16% callable contingent income securities on ETFs
New York, July 12 – Morgan Stanley Finance LLC priced $1.75 million of callable contingent income securities due July 10, 2025 linked to Technology Select Sector SPDR Fund, SPDR S&P Regional Banking ETF and VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16%, paid monthly, if each underlying fund closes at or above its 60% coupon barrier on the related monthly observation date.
The securities may be called starting Oct. 11 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing fund closes below its 50% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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 ETFs: | Technology Select Sector SPDR Fund, SPDR S&P Regional Banking ETF and VanEck Gold Miners ETF
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| Amount: | $1.75 million
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| Maturity: | July 10, 2025
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| Coupon: | 16%, paid monthly, if each underlying fund 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 unless the worst performing fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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| Call: | Starting Oct. 11 at par on any quarterly call date
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| Initial levels: | $29.83 for VanEck Gold Miners ETF, $41.22 for SPDR S&P Regional Banking ETF, $172.42 for Technology Select Sector SPDR Fund
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| Downside thresholds: | $14.915 for VanEck Gold Miners ETF, $20.61 for SPDR S&P Regional Banking ETF, $86.21 for Technology Select Sector SPDR Fund, 50% of initial levels
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| Coupon barriers: | $17.898 for VanEck Gold Miners ETF, $24.732 for SPDR S&P Regional Banking ETF, $103.452 for Technology Select Sector SPDR Fund, 60% of initial levels
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| Pricing date: | July 5
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| Settlement date: | July 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61775HGN1
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