Published on 5/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $400,000 12% contingent income autocallables on Russell, S&P
Chicago, May 17 – Morgan Stanley Finance LLC priced $400,000 of contingent income autocallable securities due Dec. 21, 2023 linked to the worst performing of the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically starting Sept. 16, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 70% 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: | Russell 2000 index and S&P 500 index
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Amount: | $400,000
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Maturity: | Dec. 21, 2023
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Coupon: | 12% annual rate, paid quarterly, if each underlying index closes at or above its 70% downside threshold 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 closes 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 starting Sept. 16, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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Initial levels: | 1,649.836 for Russell, 3,666.77 for S&P
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Downside thresholds: | 1,154.885 for Russell, 2,566.739 for S&P, 70% of initial levels
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Pricing date: | June 21, 2022
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Settlement date: | June 24, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61774DRY5
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