Published on 8/10/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.31 million contingent income autocallables on indexes, ETF
New York, Aug. 10 – Morgan Stanley Finance LLC priced $2.31 million of contingent income autocallable securities due May 1, 2025 linked to the Russell 2000 index, the Dow Jones industrial average and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.35%, paid monthly, if each underlier closes at or above its 65% downside threshold on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly call determination date starting Feb. 1, 2024.
At maturity, the payout will be par unless the worst performing asset finishes below its 65% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, Dow Jones industrial average and Utilities Select Sector SPDR Fund
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| Amount: | $2,305,000
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| Maturity: | May 1, 2025
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| Coupon: | 9.35%, paid monthly, if each underlier closes at or above its 65% downside threshold on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing asset
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| Call: | Automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly call determination date starting Feb. 1, 2024
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| Initial levels: | 35,459.29 for Dow Jones industrial average, 1,981.537 for Russell 2000, $67.04 for Utilities Select Sector SPDR Fund
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| Downside thresholds: | 23,048.539 for Dow Jones industrial average, 1,287.999 for Russell 2000, $43.576 for Utilities Select Sector SPDR Fund, 65% of initial level
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| Pricing date: | July 28
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| Settlement date: | Aug. 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61775HMY0
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