Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $755,000 10.85% contingent income buffered autocallables on indexes
Chicago, Nov. 7 – Morgan Stanley Finance LLC priced $755,000 of contingent income buffered autocallable securities due Oct. 26, 2023 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 10.85%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically starting April 20, 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 20% 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: | $755,000
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| Maturity: | Oct. 26, 2023
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| Coupon: | 10.85% annual rate, paid monthly, if each underlying index closes at or above its 80% 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 20% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
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| Call: | Automatically starting April 20, 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: | 1,704.391 for Russell, 3,665.78 for S&P
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| Coupon barriers: | 1,363.513 for Russell, 2,932.624 for S&P, 80% of initial levels
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| Buffer level: | 1,363.513 for Russell, 2,932.624 for S&P, 80% of initial levels
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| Buffer: | 20%
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| Pricing date: | Oct. 20, 2022
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| Settlement date: | Oct. 25, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774HSJ8
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