Published on 11/12/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.44 million contingent income autocalls on S&P, Dow, Nasdaq
By Kiku Steinfeld
Chicago, Nov. 14 – Morgan Stanley Finance LLC priced $1.44 million of contingent income autocallable securities due March 14, 2024 linked to the S&P 500 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.06%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons. Previously unpaid coupons will also be paid.
The securities will be called automatically starting June 13 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 65% 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
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1,437,000
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| Maturity: | March 14, 2024
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| Coupon: | 10.06%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
|
| Price: | Par
|
| 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
|
| Call: | Automatically starting June 13 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
|
| Initial levels: | 32,944.19 for Dow, 13,301.83 for Nasdaq, 4,204.31 for S&P
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| Downside thresholds: | 21,413.724 for Dow, 8,646.190 for Nasdaq, 2,732.802 for S&P, 65% of initial level
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| Coupon barriers: | 26,355.352 for Dow, 10,641.464 for Nasdaq, 3,363.448 for S&P, 80% of initial levels
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| Pricing date: | March 11
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| Settlement date: | March 16
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61773QNA3
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