Published on 7/11/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.42 million contingent income autocallables on three stocks
New York, July 11 – Morgan Stanley Finance LLC priced $1.42 million of contingent income autocallable securities due July 1, 2027 linked to the stock performance of NIKE, Inc., Uber Technologies, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17.5%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The securities will be called automatically at par if the closing price of each underlying stock is greater than or equal to its initial price on any monthly call determination date starting Sept. 29.
At maturity, the payout will be par unless the worst performing stock finishes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing stock.
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 stocks: | NIKE, Inc., Uber Technologies, Inc. and UnitedHealth Group Inc.
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| Amount: | $1,421,000
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| Maturity: | July 1, 2027
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| Coupon: | 17.5%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing stock
|
| Call: | Automatically at par if the closing price of each underlying stock is greater than or equal to its initial price on any monthly call determination date starting Sept. 29
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| Initial levels: | $111.74 for NIKE, $44.42 for Uber Technologies, $479.06 for UnitedHealth Group
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| Downside thresholds: | $78.218 for NIKE, $31.094 for Uber Technologies, $335.342 for UnitedHealth Group, 70% of initial level
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61775HAH0
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