Published on 7/31/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $320,000 worst-of fixed coupon autocallable RevCons on stocks
By Wendy Van Sickle
Columbus, Ohio, July 31 – Morgan Stanley Finance LLC priced $320,000 of 10.3% worst-of fixed coupon autocallable RevCons due July 24, 2025 linked to the worst performing of the shares of Nvidia Corp., Microsoft Corp. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each stock closes at or above its initial level on a quarterly determination date, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 50% 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
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Microsoft Corp., Alphabet Inc. and Nvidia Corp.
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| Amount: | $320,000
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| Maturity: | July 24, 2025
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| Coupon: | 10.3% annual rate, payable quarterly
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| 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 from its initial share price
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| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its initial level on any quarterly review date
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| Initial share prices: | $443.09 for Nvidia, $343.77 for Microsoft, $120.02 for Alphabet
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| Downside thresholds: | $221.545 for Nvidia, $171.885 for Microsoft, $60.01 for Alphabet; 50% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 61775HNR4
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