Published on 12/13/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $889,500 trigger autocallable contingent yield notes on indexes
By Kiku Steinfeld
Chicago, Dec. 13 – Morgan Stanley Finance LLC priced $889,500 of trigger autocallable contingent yield notes due April 17, 2025 linked to the least performing of the Russell 2000 Value index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 9.85% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Russell 2000 Value index and Nasdaq-100 index
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Amount: | $889,500
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Maturity: | April 17, 2025
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Coupon: | 9.85%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of worst performer from initial level
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Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
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Initial levels: | 13,893.21 for Nasdaq, 2,366.797 for Russell
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Coupon barriers: | 9,725.25 for Nasdaq, 1,656.758 for Russell; 70% of initial levels
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Downside thresholds: | 9,725.25 for Nasdaq, 1,656.758; 70% of initial levels
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Pricing date: | April 14
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Settlement date: | April 20
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Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61773Y466
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