Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.17 million contingent income buffered autocalls on two ETFs
New York, June 8 – Morgan Stanley Finance LLC priced $1.17 million of contingent income buffered autocallable securities due March 2, 2026 linked to the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid monthly, if each underlying ETF closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically at par if each ETF closes at or above its initial level on any quarterly call determination date starting Nov. 30, 2023.
At maturity, the payout will be par unless the laggard ETF declines by more than 15%, in which case investors will lose 1% for each 1% decline of that ETF beyond 15%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underlying ETFs: | iShares Silver Trust and VanEck Vectors Gold Miners ETF
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| Amount: | $1,165,000
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| Maturity: | March 2, 2026
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| Coupon: | 12%, paid monthly, if each underlying ETF closes at or above its 80% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the laggard ETF declines by more than 15%, in which case investors will lose 1% for each 1% decline of that ETF beyond 15%
|
| Call: | Automatically at par if each ETF closes at or above its initial level on any quarterly call determination date starting Nov. 30, 2023
|
| Initial levels: | $20.86 for iShares, $30.26 for VanEck
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| Buffer levels: | $17.731 for iShares, $25.721 for VanEck, 85% of initial levels
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| Coupon barriers: | $16.688 for iShares, $24.208 for VanEck, 80% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.6%
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| Cusip: | 61774XTA1
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