Published on 9/17/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.5 million 9.85% contingent income autocalls on S&P, Nasdaq, Dow
By Kiku Steinfeld
Chicago, Sept. 19 – Morgan Stanley Finance LLC priced $1.5 million of contingent income autocallable securities due Feb. 1, 2024 linked to the S&P 500 index, Nasdaq-100 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.85%, paid monthly, if each underlying index closes at or above its 70% downside threshold on the related monthly observation date.
The securities will be called automatically starting July 28, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date.
At maturity the payout will be par unless the worst performing index finishes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing index.
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: | Contingent income autocallable securities
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Underlying indexes: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $1.5 million
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Maturity: | Feb. 1, 2024
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Coupon: | 9.85%, paid monthly, if each underlying index closes at or above its 70% downside threshold on the related monthly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing index
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Call: | Automatically starting July 28, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date
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Initial levels: | 34,725.47 for Dow, 14,454.61 for Nasdaq, 4,431.85 for S&P
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Downside thresholds: | 24,307.829 for Dow, 10,118.227 for Nasdaq, 3,102.295 for S&P, 70% of initial levels
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.65%
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Cusip: | 61773HQ36
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