Published on 5/10/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.5 million contingent income autocalls on three indexes
New York, May 10 – Morgan Stanley Finance LLC priced $1.5 million of contingent income autocallable securities due Nov. 8, 2024 linked to the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.1%, paid monthly, if each underlying index closes at or above its 60% coupon barrier on the related monthly 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 call determination date starting Nov. 9, 2023.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 50% downside threshold during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial 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: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1.5 million
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| Maturity: | Nov. 8, 2024
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| Coupon: | 9.1%, paid monthly, if each underlying index closes at or above its 60% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its 50% downside threshold during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
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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 call determination date starting Nov. 9, 2023
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| Initial levels: | 33,674.38 for Dow Jones industrial average, 13,259.13 for Nasdaq-100, 1,759.879 for Russell 2000
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| Downside thresholds: | 16,837.19 for Dow Jones industrial average, 6,629.565 for Nasdaq-100, 879.940 for Russell 2000, 50% of initial levels
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| Coupon barriers: | 20,204.628 for Dow Jones industrial average, 7,955.478 for Nasdaq-100, 1,055.927 for Russell 2000, 60% of initial levels
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| Pricing date: | May 5
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| Settlement date: | May 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61774XZQ9
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