Published on 2/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.88 million contingent income autocalls linked to Russell, S&P
New York, Feb. 17 – Morgan Stanley Finance LLC priced $1.88 million of contingent income autocallable securities due Feb. 20, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.35%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
If the notes have not been called, the payout at maturity will be par unless either index closes below its downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the laggard index declines from its initial level.
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 and S&P 500 index
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Amount: | $1,875,000
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Maturity: | Feb. 20, 2024
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Coupon: | 10.35%, paid quarterly, if each underlying index closes at or above its 70% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless either index closes below its downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the laggard index declines from its initial level
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Call: | Automatically at par if the closing 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: | 1,941.143 for Russell 2000, 4,137.29 for S&P 500
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Downside thresholds: | 1,358.800 for Russell 2000, 2,896.103 for S&P 500, 70% of initial level
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Pricing date: | Feb. 13
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Settlement date: | Feb. 16
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.375%
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Cusip: | 61774TZX3
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