Published on 5/15/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $409,000 jump securities linked to Nasdaq, Dow, Russell
By Angela McDaniels
Tacoma, Wash., May 15 – Morgan Stanley Finance LLC priced $409,000 of 0% jump securities with autocallable feature due June 4, 2026 linked to the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Beginning June 1, 2023, the notes will be automatically called at par plus 15% per year if each index closes at or above its initial level on any semiannual determination date.
If the final level of each index is greater than or equal to its initial level, the payout at maturity will be par plus 60%. The payout will be par if the lesser-performing index declines but finishes at or above its downside threshold, 70% of its initial level. Otherwise, investors will be exposed to the decline of the lesser-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: | Jump securities with autocallable feature
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $409,000
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| Maturity: | June 4, 2026
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| Coupon: | 0%
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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 initial level, par plus 60%; par if lesser-performing index declines but finishes at or above downside threshold level; otherwise, exposure to decline of lesser-performing index
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| Call: | Beginning June 1, 2023, automatically at par plus 15% per year if each index closes at or above initial level on any semiannual determination date
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| Initial levels: | 12,642.10 for Nasdaq, 32,990.12 for Dow and 1,864.043 for Russell
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| Downside threshold levels: | 8,849.47 for Nasdaq, 23,093.084 for Dow and 1,304.83 for Russell, or 70% of initial levels
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| Pricing date: | May 31, 2022
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| Settlement date: | June 3, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61774DEX1
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