Published on 11/14/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.06 million contingent income autocalls on Devon, Ford, Nvidia
By William Gullotti
Buffalo, N.Y., Nov. 14 – Morgan Stanley Finance LLC priced $1.06 million of contingent income autocallable securities due Nov. 13, 2025 linked to the common stocks of Devon Energy Corp., Ford Motor Co. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 44%, paid quarterly, if each underlying stock closes at or above its 80% coupon barrier on the related quarterly observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The securities will be called automatically at par plus the coupon if the closing price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date starting Feb. 10, 2023.
At maturity, the payout will be par plus all unpaid coupons unless the worst performing stock finishes 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: | Devon Energy Corp., Ford Motor Co. and Nvidia Corp.
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| Amount: | $1,056,000
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| Maturity: | Nov. 13, 2025
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| Coupon: | 44%, paid quarterly, if each underlying stock closes at or above its 80% coupon barrier on the related quarterly observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus all unpaid coupons unless the worst performing stock finishes 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 at par plus the coupon if the closing price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date starting Feb. 10, 2023
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| Initial levels: | $72.04 for Devon Energy, $13.70 for Ford Motor, $143.01 for Nvidia
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| Downside thresholds: | $43.224 for Devon Energy, $8.22 for Ford Motor, $85.806 for Nvidia, 60% of initial level
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| Coupon barriers: | $57.632 for Devon Energy, $10.96 for Ford Motor, $114.408 for Nvidia, 80% of initial levels
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61774HM54
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