Published on 3/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 9% contingent income buffered autocalls on index, ETF
By Kiku Steinfeld
Chicago, April 1 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Jan. 3, 2025 linked to the Russell 2000 index and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting Jan. 4, 2024 at par on any quarterly call determination date if each asset closes at or above its initial level.
At maturity the payout will be par unless either asset declines by more than its 20% buffer in which case investors will be exposed to the decline of the worst performing asset beyond the buffer.
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 buffered autocallable securities
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| Underlying assets: | Russell 2000 index and Technology Select Sector SPDR Fund
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| Amount: | $250,000
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| Maturity: | Jan. 3, 2025
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| Coupon: | 9%, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing asset gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing underlier beyond the buffer
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| Call: | Automatically starting Jan. 4, 2024 at par on any quarterly call determination date if each asset closes at or above its initial level
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| Initial levels: | 1,888.734 for Russell 2000, $173.86 for Technology Select Sector SPDR Fund
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| Buffer: | 20%
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| Coupon barriers: | 1,510.987 for Russell 2000 index, $139.088 for Technology Select Sector SPDR Fund, 80% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774X3N1
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