Published on 3/7/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $813,000 12.6% contingent income autocalls on indexes
Chicago, March 7 – Morgan Stanley Finance LLC priced $813,000 of contingent income autocallable securities due May 16, 2024 linked to the worst performing of the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.6%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Nov. 17, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes 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: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $813,000
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Maturity: | May 16, 2024
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Coupon: | 12.6% annual rate, paid monthly, if each underlying index closes at or above its 80% coupon barrier 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 index closes 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 Nov. 17, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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Initial levels: | 32,196.66 for Dow, 12,387.40 for Nasdaq, 1,792.666 for Russell
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Downside thresholds: | 22,537.662 for Dow, 8,671.18 for Nasdaq, 1,254.866 for Russell, 70% of initial levels
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Coupon barriers: | 25,757.328 for Dow, 9,909.92 for Nasdaq index, 1,434.133 for Russell, 80% of initial levels
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Pricing date: | May 13, 2022
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Settlement date: | May 18, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61774DDA2
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