Published on 8/29/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $665,000 worst-of fixed coupon autocallable RevCons on stocks
Chicago, Aug. 29 – Morgan Stanley Finance LLC priced $665,000 of 11.2% worst-of fixed coupon autocallable RevCons due Feb. 23, 2024 linked to the worst performing of the shares of Apple Inc., UBS Group AG and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each stock closes at or above its early redemption level on a quarterly determination date after six months, the notes will be automatically called at par plus the fixed coupon. The first redemption threshold level is 95%, decreases to 90% in May 2023, moves to 85% on Aug. 15, 2023 and to 80% on Nov. 15, 2023.
If each stock finishes at or above the 65% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock (but will receive the final coupon).
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
|
| Underlying stocks: | Apple Inc., UBS Group AG and Amazon.com, Inc.
|
| Amount: | $665,000
|
| Maturity: | Feb. 23, 2024
|
| Coupon: | 11.2% annual rate, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial share price with final coupon
|
| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its redemption threshold level on any quarterly review date after six months; redemption thresholds are subsequently 95%, 90%, 85% and 80% of initial levels
|
| Initial share prices: | $173.19 for Apple, CHF 16.03 for UBS, $143.18 for Amazon
|
| Downside thresholds: | $112.574 for Apple, CHF 10.42 for UBS, $93.067 for Amazon; 65% of initial levels
|
| Pricing date: | Aug. 16, 2022
|
| Settlement date: | Aug. 22, 2022
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61774D3T2
|
|
|
|
|
© 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.
