Published on 8/18/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.02 million contingent income autocallables on index, ETFs
New York, Aug. 18 – Morgan Stanley Finance LLC priced $1.02 million of contingent income autocallable securities due Aug. 5, 2025 linked to the Russell 2000 index, the iShares MSCI Brazil ETF and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlier closes at or above its 50% downside threshold on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if each underlier closes at or above its initial on any quarterly call determination date starting Feb. 5, 2024.
At maturity, the payout will be par unless the worst performing asset finishes below its 50% 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, iShares MSCI Brazil ETF and SPDR S&P Biotech ETF
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| Amount: | $1,016,000
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| Maturity: | Aug. 5, 2025
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| Coupon: | 10%, paid quarterly, if each underlier closes at or above its 50% downside threshold on the related quarterly 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 each underlier closes at or above its initial on any quarterly call determination date starting Feb. 5, 2024
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| Initial levels: | $33.87 for iShares MSCI Brazil ETF, 2,003.177 for Russell 2000, $84.29 for SPDR S&P Biotech ETF
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| Downside thresholds: | $16.935 for iShares MSCI Brazil ETF, 1,001.589 for Russell 2000, $42.145 for SPDR S&P Biotech ETF, 50% of initial level
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61775HQH3
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