Published on 3/20/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.66 million callable contingent income securities on three ETFs
New York, March 20 – Morgan Stanley Finance LLC priced $3.66 million of callable contingent income securities due March 17, 2027 linked to the SPDR S&P Regional Banking ETF, the Real Estate Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold 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 ETF finishes 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying ETFs: | SPDR S&P Regional Banking ETF, Real Estate Select Sector SPDR Fund and Utilities Select Sector SPDR Fund
|
| Amount: | $3,655,000
|
| Maturity: | March 17, 2027
|
| Coupon: | 12.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the worst performing ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
|
| Call option: | At par on any quarterly call date
|
| Initial levels: | $48.83 for SPDR S&P Regional Banking ETF, $39.87 for Real Estate Select Sector SPDR Fund, $63.45 for Utilities Select Sector SPDR Fund
|
| Downside thresholds: | $29.298 for SPDR S&P Regional Banking ETF, $23.922 for Real Estate Select Sector SPDR Fund, $38.07 for Utilities Select Sector SPDR Fund, 60% of initial levels
|
| Pricing date: | March 12
|
| Settlement date: | March 15
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61776LCC9
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
