Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $512,000 13.25% contingent income autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, Sept. 12 – Morgan Stanley Finance LLC priced $512,000 of contingent income autocallable securities due Sept. 3, 2024 linked to the Russell 2000 index, S&P 500 index and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.25%, paid monthly, if each underlier closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons. Previously unpaid coupons will also be paid.
The securities will be called automatically starting Aug. 31, 2023 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 70% downside threshold level 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: | Contingent income autocallable securities
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| Underlying assets: | Russell 2000 index, S&P 500 index and SPDR S&P Biotech ETF
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| Amount: | $512,000
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| Maturity: | Sept. 3, 2024
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| Coupon: | 13.25%, paid monthly, if each underlier closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset closes 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: | Automatically starting Aug. 31, 2023 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | 1,896.991 for Russell, 3,970.15 for S&P, $82.85 for SPDR
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| Downside thresholds: | 1,327.894 for Russell, 2,779.105 for S&P, $57.995 for SPDR, 70% of initial levels
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.2%
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| Cusip: | 61774TS86
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