Published on 11/18/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.2 million worst-of fixed coupon autocalls on stocks
Chicago, Nov. 18 – Morgan Stanley Finance LLC priced $1.2 million of 22% worst-of fixed coupon autocallable securities due March 9, 2023 linked to the worst performing of the common stocks of Devon Energy Corp., Ford Motor Co. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a monthly determination date after three months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable securities
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| Underlying stocks: | Devon Energy Corp., Ford Motor Co. and Qualcomm Inc.
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| Amount: | $1,195,000
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| Maturity: | March 9, 2023
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| Coupon: | 22% annual rate, payable monthly
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
|
| Call: | Automatically at par if each stock closes at or above its redemption threshold level, 100% of initial level, on a monthly determination date after three months
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| Initial share prices: | $59.57 for Devon, $16.85 for Ford, $162.26 for Qualcomm
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| Downside thresholds: | $35.742 for Devon, $10.11 for Ford, $97.356 for Qualcomm; 60% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773QLF4
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