Published on 10/25/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3 million trigger step securities on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Oct. 25 – Morgan Stanley Finance LLC priced $3 million of 0% trigger step securities due Oct. 21, 2027 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley
If the laggard index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the laggard index’s return and 88.1%.
Investors will receive par if the laggard index falls by up to 25% and will be fully exposed to all losses if the laggard index finishes below the 75% downside threshold level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger step securities
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $3 million
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| Maturity: | Oct. 21, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the laggard index finishes at or above the initial level, par plus the greater of the laggard index’s return and 88.1%; par if the laggard index falls by up to 25%; full exposure to losses if the laggard index finishes below the 75% downside threshold level
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| Initial index levels: | 11,147.74 for Nasdaq, 30,523.8 for Dow, 1,755.956 for Russell
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| Threshold levels: | 8,360.81 for Nasdaq, 22,892.85 for Dow, 1,316.967 for Russell; 75% of initial levels
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| Strike date: | Oct. 18
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 24
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61774E857
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