Published on 3/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.38 million contingent income autocalls on three indexes
New York, March 17 – Morgan Stanley Finance LLC priced $2.38 million of contingent income autocallable securities due March 14, 2024 linked to the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.55%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly 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 monthly call determination date starting June 15.
At maturity, the payout will be par unless the worst performing index finishes 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, Nasdaq-100 index and S&P 500 index
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Amount: | $2,378,000
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Maturity: | March 14, 2024
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Coupon: | 7.55%, paid monthly, if each underlying index closes at or above its 75% coupon barrier 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 finishes 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 at par if the closing level of each underlying index is greater than or equal to its initial level on any monthly call determination date starting June 15
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Initial levels: | 11,830.28 for Nasdaq-100, 1,772.702 for Russell 2000, 3,861.59 for S&P 500
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Downside thresholds: | 8,281.196 for Nasdaq-100, 1,240.891 for Russell 2000, 2,703.113 for S&P 500, 70% of initial level
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Coupon barriers: | 8,872.71 for Nasdaq-100, 1,329.527 for Russell 2000, 2,896.193 for S&P 500, 75% of initial levels
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Pricing date: | March 10
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Settlement date: | March 15
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.875%
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Cusip: | 61774T7R7
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