Published on 3/17/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 14.8% callable contingent income notes on funds
Chicago, March 18 – Morgan Stanley Finance LLC priced $500,000 of callable contingent income securities due March 9, 2027 linked to the worst performing of the SPDR S&P Regional Banking ETF, Real Estate Select Sector SPDR Fund and Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.8%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting June 7 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing ETF closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing ETF.
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: | SPDR S&P Regional Banking ETF, Real Estate Select Sector SPDR Fund and Utilities Select Sector SPDR Fund
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| Amount: | $500,000
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| Maturity: | March 9, 2027
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| Coupon: | 14.8% annual rate, paid monthly, if each underlying fund 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 ETF closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing ETF
|
| Call: | Starting June 7 at par on any quarterly call date
|
| Initial levels: | $47.60 for banking, $39.99 for real estate, $62.76 for utilities
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| Coupon barriers: | $33.32 for banking, $27.993 for real estate, $43.932 for utilities, 70% of initial levels
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| Downside thresholds: | $28.56 for banking, $23.994 for real estate, $37.656 for utilities, 60% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 7
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61771W4X3
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