Published on 3/10/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 7.2% contingent income autocallables on stocks
By Kiku Steinfeld
Chicago, March 11 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due July 2, 2026 linked to the common stocks of FedEx Corp., Home Depot, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.2%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly observation date.
The securities will be called automatically starting Jan. 3, 2024 at par on any monthly call determination date if each stock closes above its 80% call level.
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: | FedEx Corp., Home Depot, Inc. and Visa Inc.
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| Amount: | $500,000
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| Maturity: | July 2, 2026
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| Coupon: | 7.2%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly 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 Jan. 3, 2024 at par on any monthly call determination date if each stock closes above its 80% call level
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| Initial levels: | $248.44 for FedEx, $306.51 for Home Depot, $227.96 for Visa
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| Downside thresholds: | $149.064 for FedEx, $183.906 for Home Depot, $136.776 for Visa, 60% of initial level
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| Call thresholds: | $198.752 for FedEx Corp., $245.208 for Home Depot, Inc., $182.368 for Visa Inc. class A, 80% of initial levels
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| Pricing date: | June 28, 2023
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| Settlement date: | June 30, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.75%
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| Cusip: | 61775HDV6
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