Published on 8/14/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $12.26 million trigger autocallable contingent notes on indexes
Chicago, Aug. 14 – Morgan Stanley Finance LLC priced $12.26 million of trigger autocallable contingent yield notes due July 30, 2026 linked to the least performing of the Nasdaq-100 index and the Dow Jones industrial average, 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 9.3% 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 if each index finishes at or above the 70% downside threshold level. Otherwise, investors will lose 1% for each 1% decline of the worse performing index from its initial level.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as placement agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $12,257,510
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| Maturity: | July 30, 2026
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| Coupon: | 9.3% annual rate, payable quarterly if each index closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, lose 1% for every 1% decline of worst performer from initial level
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 15,464.93 for Nasdaq, 35,282.72 for Dow
|
| Coupon barriers: | 10,825.45 for Nasdaq, 24,697.90 for Dow; 70% of initial levels
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| Downside thresholds: | 10,825.45 for Nasdaq, 24,697.90 for Dow; 70% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 31
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| Agents: | Morgan Stanley & Co. LLC
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| Placement agent: | UBS Financial Services Inc.
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| Fees: | 0%
|
| Cusip: | 61774W741
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