Published on 3/23/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.63 million contingent income autocallables on three indexes
New York, March 23 – Morgan Stanley Finance LLC priced $1.63 million of contingent income autocallable securities due Dec. 20, 2024 linked to the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to 91.50% of its initial level on any quarterly call determination date.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 70% downside threshold during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level.
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 indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $1,626,000
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Maturity: | Dec. 20, 2024
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Coupon: | 7%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless any index closes below its 70% downside threshold during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level
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Call: | Automatically at par if the closing level of each underlying index is greater than or equal to 91.50% of its initial level on any quarterly call determination date
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Initial levels: | 12,519.88 for Nasdaq-100, 1,725.891 for Russell 2000, 3,916.64 for S&P 500
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Downside thresholds: | 8,763.916 for Nasdaq-100, 1,208.124 for Russell 2000, 2,741.648 for S&P 500, 70% of initial level
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Coupon barriers: | 9,389.91 for Nasdaq-100, 1,294.418 for Russell 2000, 2,937.48 for S&P 500, 75% of initial levels
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Call threshold: | 11,455.690 for Nasdaq-100, 1,579.190 for Russell 2000, 3,583.726 for S&P 500, 91.50% of initial levels
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Pricing date: | March 17
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Settlement date: | March 22
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.875%
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Cusip: | 61774T6V9
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