Published on 10/18/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.31 million contingent income autocallables on indexes, fund
Chicago, Oct. 18 – Morgan Stanley Finance LLC priced $1.31 million of contingent income autocallable securities due Oct. 16, 2025 linked to the worst performing of the MSCI Emerging Markets index, S&P 500 index and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.2%, paid quarterly, if each underlier closes at or above its 60% coupon threshold levels on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting April 16, 2024 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | MSCI Emerging Markets index, S&P 500 index and Energy Select Sector SPDR Fund
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| Amount: | $1,305,000
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| Maturity: | Oct. 16, 2025
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| Coupon: | 10.2% annual rate, paid quarterly, if each underlier closes at or above its 60% downside threshold on the related quarterly observation date, plus any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
|
| Call: | Automatically starting April 16, 2024 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | 956.84 for EM, 4,376.95 for S&P, $87.56 for fund
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| Coupon threshold levels: | 574.104 for EM, 2,626.17 for S&P, $52.536 for fund, 60% of initial levels
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| Downside thresholds: | 574.104 for EM, 2,626.17 for S&P, $52.536 for fund, 60% of initial levels
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| Pricing date: | Oct. 11
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| Settlement date: | Oct. 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61775MJM9
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