Published on 3/3/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.03 million 9.4% contingent income buffered autocalls on indexes
By Kiku Steinfeld
Chicago, March 3 – Morgan Stanley Finance LLC priced $1.03 million of contingent income buffered autocallable securities due Nov. 27, 2023 linked to S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.4%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically starting May 22, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date.
At maturity the payout will be par unless each index declines by more than its 20% buffer, in which case investors will be exposed to the decline of the worst performing index beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $1,025,000
|
| Maturity: | Nov. 27, 2023
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| Coupon: | 9.4%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par if the worst performing index gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
|
| Call: | Automatically starting May 22, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date
|
| Initial levels: | 1,839.141 for Russell, 3,949.94 for S&P
|
| Buffer: | 20%
|
| Buffer level: | 1,471.313 for Russell, 3,159.952 for S&P, 80% of initial level
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| Coupon barriers: | 1,471.313 for Russell, 3,159.952 for S&P, 80% of initial level
|
| Pricing date: | Nov. 21, 2022
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| Settlement date: | Nov. 25, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
|
| Cusip: | 61774H2T4
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