Published on 7/21/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $4.23 million trigger autocallable contingent yield notes on indexes
Chicago, July 21 – Morgan Stanley Finance LLC priced $4.23 million of trigger autocallable contingent yield notes due July 18, 2025 linked to the least performing of the S&P 500 index and the FTSE 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index, FTSE 100 index
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| Amount: | $4,234,720
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| Maturity: | July 18, 2025
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| Coupon: | 9.75%, payable quarterly if each index closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of worst performer from initial level
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 3,863.16 for S&P, 7,159.01 for FTSE
|
| Coupon barriers: | 2,704.21 for S&P, 5,011.31 for FTSE; 70% of initial levels
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| Downside thresholds: | 2,704.21 for S&P, 5,011.31 for FTSE; 70% of initial levels
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
| Fees: | 0%
|
| Cusip: | 61774B630
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