Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $780,000 11.25% contingent income buffered autocalls on S&P, Russell
Chicago, Oct. 16 – Morgan Stanley Finance LLC priced $780,000 of contingent income buffered autocallable securities due Oct. 3, 2025 linked to the worst performing of the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid monthly, if each underlying index closes at or above its 85% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Oct. 2, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date.
At maturity the payout will be par unless either index declines by more than its 15% buffer in which case investors will be exposed to the decline of the worst performing index 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: | Contingent income buffered autocallable securities
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Underlying indexes: | S&P 500 index and Russell 2000 index
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Amount: | $780,000
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Maturity: | Oct. 3, 2025
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Coupon: | 11.25% annual rate, paid monthly, if each underlying index closes at or above its 85% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | Par if the worst performing index gains or loses no more than its 15% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
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Call: | Automatically starting Oct. 2, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date
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Initial levels: | 1,664.716 for Russell, 3,585.62 for S&P
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Coupon barriers: | 1,415.009 for Russell, 3,047.777 for S&P, 85% of initial levels
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Buffer levels: | 1,415.009 for Russell, 3,047.777 for S&P, 85% of initial levels
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Buffer: | 15%
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Pricing date: | Sept. 30, 2022
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Settlement date: | Oct. 5, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61774FGJ5
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