Published on 4/2/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 9.05% contingent income autocallables on indexes
By Kiku Steinfeld
Chicago, April 2 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due Jan. 9, 2025 linked to the Russell 2000 index, S&P 500 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.05%, paid monthly, if each underlying index closes at or above its 70% downside threshold on the related monthly observation date.
The securities will be called automatically starting Jan. 8, 2024 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 the worst performing index closes below its 70% 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, S&P 500 index and Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | Jan. 9, 2025
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| Coupon: | 9.05%, paid monthly, if each underlying index closes at or above its 70% downside threshold on the related monthly 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 Jan. 8, 2024 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: | 33,922.26 for Dow Jones industrial average, 1,842.233 for Russell 2000, 4,411.59 for S&P 500
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| Downside thresholds: | 23,745.582 for Dow Jones industrial average, 1,289.563 for Russell 2000, 3,088.113 for S&P 500, 70% of initial level
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| Pricing date: | July 6, 2023
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| Settlement date: | July 11, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.45%
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| Cusip: | 61775HCV7
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