Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.05 million callable contingent income securities on index, ETFs
New York, April 22 – Morgan Stanley Finance LLC priced $1.05 million of callable contingent income securities due Oct. 16, 2026 linked to the Utilities Select Sector SPDR Fund, the SPDR S&P Regional Banking ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.8%, paid monthly, if each underlier 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 starting Oct. 17, 2024.
At maturity, the payout will be par unless the worst performing asset finishes below its 60% 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: | Utilities Select Sector SPDR Fund, SPDR S&P Regional Banking ETF and Russell 2000 index
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| Amount: | $1,053,000
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| Maturity: | Oct. 16, 2026
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| Coupon: | 12.8%, paid monthly, if each underlier closes at or above its 70% 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 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. 17, 2024
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| Initial levels: | $46.94 for SPDR S&P Regional Banking ETF, 2,042.604 for Russell 2000, $64.69 for Utilities Select Sector SPDR Fund
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| Downside thresholds: | $28.164 for SPDR S&P Regional Banking ETF, 1,225.562 for Russell 2000, $38.814 for Utilities Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | $32.858 for SPDR S&P Regional Banking ETF, 1,429.823 for Russell 2000, $45.283 for Utilities Select Sector SPDR Fund, 70% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61776LSK4
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