Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income buffered autocallables on index, fund
Chicago, Feb. 13 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Nov. 29, 2024 linked to the worst performing of the Russell 2000 index and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.4%, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting Nov. 30, 2023 at par on any quarterly call determination date if both assets close above their initial levels.
At maturity the payout will be par unless either asset declines by more than its 15% buffer in which case investors will be exposed to the decline of the worst performing asset 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 assets: | Russell 2000 index and Technology Select Sector SPDR Fund
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| Amount: | $250,000
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| Maturity: | Nov. 29, 2024
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| Coupon: | 8.4% annual rate, paid quarterly, if each underlier closes at or above its 80% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing asset gains or loses no more than its 15% buffer, otherwise investors will be exposed to the decline in the worst performing underlier beyond the buffer
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| Call: | Automatically starting Nov. 30, 2023 at par on any quarterly call determination date if both assets close above initial levels
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| Initial levels: | 1,754.605 for Russell, $160.23 for tech fund
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| Coupon barriers: | 1,403.684 for Russell, $128.184 for tech fund, 80% of initial levels
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| Buffer levels: | 1,491.414 for Russell, $136.196 for tech fund, 85% of initial levels
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| Buffer: | 15%
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| Pricing date: | May 25, 2023
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| Settlement date: | May 31, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.25%
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| Cusip: | 61774XVW0
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