Published on 2/9/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 9% contingent income autocalls on indexes
By Kiku Steinfeld
Chicago, Feb. 9 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due June 25, 2026 linked to the Russell 2000 index, Nasdaq-100 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid quarterly, if each underlying index closes at or above its 66% downside threshold on the related quarterly observation date.
The securities will be called automatically starting Dec. 21, 2023 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 66% 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 S&P 500 index
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| Amount: | $500,000
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| Maturity: | June 25, 2026
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| Coupon: | 9%, paid quarterly, if each underlying index closes at or above its 66% downside threshold on the related quarterly observation date
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| 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
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| Call: | Automatically starting Dec. 21, 2023 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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| Initial levels: | 14,867.45 for Nasdaq-100, 1,863.015 for Russell 2000, 4,365.69 for S&P 500
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| Downside thresholds: | 9,812.517 for Nasdaq-100, 1,229.590 for Russell 2000, 2,881.355 for S&P 500, 66% of initial level
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| Pricing date: | June 21, 2023
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| Settlement date: | June 26, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61774X7N7
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