Published on 2/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.17 million 9.5% fixed income autocallables tied to three indexes
By William Gullotti
Buffalo, N.Y., Feb. 17 – Morgan Stanley Finance LLC priced $3.17 million of 9.5% fixed income autocallable securities due Aug. 16, 2024 linked to the performance of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly determination date after six months.
If the final level of each index is greater than or equal to 70% of its initial level, the payout at maturity will be par plus the last fixed coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declined from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed income autocallable securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $3,165,000
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| Maturity: | Aug. 16, 2024
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| Coupon: | 9.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to barrier level, par plus last fixed coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly determination date after six months
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| Initial index levels: | 1,941.143 for Russell, 12,502.31 for Nasdaq, 4,137.29 for S&P
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| Final barrier levels: | 1,358.8 for Russell, 8,751.617 for Nasdaq, 2,896.103 for S&P; 70% of initial levels
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| Pricing date: | Feb. 13
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| Settlement date: | Feb. 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.4%
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| Cusip: | 61774TE65
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