Published on 9/13/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 buffered autocallable jump notes on S&P, Russell
By Kiku Steinfeld
Chicago, Sept. 13 – Morgan Stanley Finance LLC priced $250,000 of buffered jump securities with autocallable feature due March 5, 2026 linked to S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting Feb. 29, 2024 at a price to give a return of 10.25% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date.
If the worst performing index finishes above its call threshold level, the payout at maturity will be par plus 30.75%. Investors will receive par if the worst performing index finishes below its call threshold level but declines by 15% or less and will lose 1% for every 1% that the worst performing index declines beyond the buffer.
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: | Buffered jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $250,000
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| Maturity: | March 5, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If worst performing index finishes above its call threshold level, par plus 30.75%; par if worst performing index finishes below its call threshold level but declines by 15% or less; 1% loss for every 1% that worst performing index declines beyond 15%
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| Call: | Automatically starting Feb. 29, 2024 at a price to give a return of 10.25% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date
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| Initial levels: | 1,896.991 for Russell, 3,970.15 for S&P
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| Buffer levels: | 1,612.442 for Russell, 3,374.628 for S&P, 85% of initial level
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774TVD1
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