Published on 6/27/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.36 million contingent income autocalls on Russell, S&P
New York, June 27 – Morgan Stanley Finance LLC priced $2.36 million of contingent income autocallable securities due June 25, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.25%, paid quarterly, if each underlying index closes at or above its 60% downside threshold 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 call determination date.
If the notes have not been called, the payout at maturity will be par unless either index closes below its downside threshold during the life of the notes and either 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 and S&P 500 index
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Amount: | $2,361,000
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Maturity: | June 25, 2024
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Coupon: | 7.25%, paid quarterly, if each underlying index closes at or above its 60% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless either index closes below its downside threshold during the life of the notes and either 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
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Initial levels: | 1,866.699 for Russell 2000, 4,388.71 for S&P 500
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Downside thresholds: | 1,120.019 for Russell 2000, 2,633.226 for S&P 500, 60% of initial level
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Pricing date: | June 20
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Settlement date: | June 23
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.375%
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Cusip: | 61775HAS6
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