Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.17 million 9.46% contingent income autocallables on indexes
Chicago, Sept. 15 – Morgan Stanley Finance LLC priced $1.17 million of contingent income autocallable securities due March 5, 2026 linked to the worst performing of the Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.46%, paid quarterly, if each underlying index closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting Feb. 29, 2024 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 75% downside threshold level in which case investors will be fully exposed to the decline of the worst performing index.
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, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1,173,000
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| Maturity: | March 5, 2026
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| Coupon: | 9.46% annual rate, paid quarterly, if each underlying index closes at or above its 80% coupon barrier on the related quarterly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing index
|
| Call: | Automatically starting Feb. 29, 2024 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
|
| Initial levels: | 34,721.91 for Dow, 15,501.07 for Nasdaq, 1,899.676 for Russell
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| Coupon barriers: | 27,777.528 for Dow, 12,400.856 for Nasdaq, 1,519.741 for Russell, 80% of initial levels
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| Downside thresholds: | 26,041.433 for Dow, 11,625.803 for Nasdaq, 1,424.757 for Russell, 75% of initial level
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61775HD46
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