Published on 3/20/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocallables on three indexes
New York, March 20 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Sept. 18, 2023 linked to the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.4%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any quarterly determination date.
At maturity, the payout will be par unless the worst performing index finishes below its 55% 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: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $1 million
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| Maturity: | Sept. 18, 2023
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| Coupon: | 8.4%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index finishes 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 at par if the closing level of each underlying index is greater than or equal to its initial level on any quarterly determination date
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| Initial levels: | 11,923.17 for Nasdaq-100, 1,744.302 for Russell 2000, 3,855.76 for S&P 500
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| Downside thresholds: | 6,557.744 for Nasdaq-100, 959.366 for Russell 2000, 2,120.668 for S&P 500, 55% of initial level
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| Coupon barriers: | 8,942.378 for Nasdaq-100, 1,308.227 for Russell 2000, 2,891.82 for S&P 500, 75% of initial levels
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| Strike date: | March 13
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| Pricing date: | March 14
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| Settlement date: | March 17
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61774XAV5
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