Published on 8/29/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $954,000 autocallable trigger notes on S&P, Dow, Russell
Chicago, Aug. 29 – Morgan Stanley Finance LLC priced $954,000 of autocallable dual directional trigger participation securities due Aug. 26, 2027 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus a call premium of 10.45% if the closing level of each underlying index is greater than or equal to its initial level on Aug. 24, 2023.
At maturity, the payout will be par plus the worst performing index if the indexes finish above their initial levels.
The payout will be par plus the absolute return of the worst performer if each index finishes below the initial level but above the 60% barrier.
Otherwise, investors will be exposed to the losses of the worst performer.
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: | Autocallable dual directional trigger participation securities
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $954,000
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| Maturity: | Aug. 26, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus return of worst performer if all three indexes finish positive; par plus absolute return of worst performer if that index declines but finishes above barrier; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par plus 10.45% if each index closes above its initial level on Aug. 24, 2023
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| Initial levels: | 32,909.59 for Dow, 1,919.143 for Russell, 4,128.73 for S&P
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| Downside thresholds: | 19,745.754 for Dow, 1,151.486 for Russell, 2,477.238 for S&P, 60% of initial levels
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| Pricing date: | Aug. 23, 2022
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| Settlement date: | Aug. 26, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.625%
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| Cusip: | 61774D4N4
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