Published on 9/6/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $750,000 9% contingent income autocallables tied to bank stocks
Chicago, Sept. 6 – Morgan Stanley Finance LLC priced $750,000 of contingent income autocallable securities due Jan. 28, 2025 linked to the worst performing of the common stocks of Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid semiannually, if each underlying stock closes at or above its 65% coupon barrier on the related semiannual observation date.
The securities will be called automatically starting July 27, 2022 at par if the price of each underlying stock is greater than or equal to 95% of its initial price on any semiannual determination date.
At maturity the payout will be par unless the worst performing stock closes below its 60% 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: | Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $750,000
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| Maturity: | Jan. 28, 2025
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| Coupon: | 9% annual rate, paid semiannually, if each underlying stock closes at or above its 65% coupon barrier on the related semiannual observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting July 27, 2022 at par if the price of each underlying stock is greater than or equal to 95% of its initial price on any semiannual determination date
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| Initial levels: | $45.75 for BofA, $45.75 for Citigroup, $147.66 for JPMorgan, $55.00 for Wells Fargo
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| Downside thresholds: | $27.45 for BofA, $27.45 for Citigroup, $88.596 for JPMorgan, $33.00 for Wells Fargo; 60% of initial levels
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| Coupon barriers: | $29.738 for BofA, $29.738 for Citigroup, $95.979 for JPMorgan, $35.75 for Wells Fargo; 65% of initial levels
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| Call threshold: | $43.463 for BofA, $43.463 for Citigroup, $140.277 for JPMorgan, $52.25 for Wells Fargo; 95% of initial levels
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773HM48
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