Published on 10/21/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.4 million contingent income autocalls on Russell, Dow, Nasdaq
By Kiku Steinfeld
Chicago, Oct. 21 – Morgan Stanley Finance LLC priced $1.4 million of contingent income autocallable securities due Feb. 23, 2024 linked to the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons. Previously unpaid coupons will also be paid.
The securities will be called automatically starting Aug. 23, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing index.
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, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,396,000
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Maturity: | Feb. 23, 2024
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Coupon: | 10.5%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing index
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Call: | Automatically starting Aug. 23, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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Initial levels: | 34,079.18 for Dow, 14,009.54 for Nasdaq, 2,009.333 for Russell
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Downside thresholds: | 23,855.426 for Dow, 9,806.678 for Nasdaq, 1,406.533 for Russell, 70% of initial level
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Coupon barriers: | 27,263.344 for Dow, 11,207.632 for Nasdaq, 1,607.466 for Russell, 80% of initial levels
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Pricing date: | Feb. 18
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Settlement date: | Feb. 24
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.4%
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Cusip: | 61773QBD0
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