Published on 5/8/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 autocallable jump notes on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, May 8 – Morgan Stanley Finance LLC priced $250,000 of jump securities with autocallable feature due Jan. 3, 2028 linked to Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus 25.75% if the level of each underlying index is greater than or equal to its initial level on Jan. 2, 2024.
The payout at maturity will be par plus 150% of the return of the worst performing index if the return of that index is positive.
The payout will be par if the worst performing index declines but finishes above its 70% trigger level. Investors will be fully exposed to the decline of the worst performing index if it finishes below its 70% trigger level.
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: | Jump securities with autocallable feature
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $250,000
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| Maturity: | Jan. 3, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of worst performing index is positive, par plus 150% of that index's return; par if worst performing index declines but ends above downside threshold; full exposure to loss if worst performing index ends below trigger level
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| Upside leverage: | 150%
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| Call: | Automatically at par plus 25.75% if the level of each underlying index is greater than or equal to its initial level on Jan. 2, 2024
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| Initial levels: | 33,220.80 for Dow, 10,951.05 for Nasdaq, 1,766.250 for Russell
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| Trigger levels: | 23,254.56 for Dow, 7,665.735 for Nasdaq, 1,236.375 for Russell, 70% of initial levels
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| Pricing date: | Dec. 29, 2022
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| Settlement date: | Jan. 4, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61774H4U9
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