Published on 3/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $746,000 9% contingent income autocallables on indexes
By Kiku Steinfeld
Chicago, March 28 – Morgan Stanley Finance LLC priced $746,000 of contingent income autocallable securities due March 8, 2024 linked to the Russell 2000 index, S&P 500 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting March 5, 2023 at par if the level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date.
At maturity the payout will be par if the indexes never close below the 70% downside threshold level during the life of the notes or the worst performing index ends above its initial level. Otherwise 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 Nasdaq-100 index
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| Amount: | $746,000
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| Maturity: | March 8, 2024
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| Coupon: | 9%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the indexes never close below the trigger level during the life of the notes or the worst performing index ends above its initial level, otherwise investors will be fully exposed to the decline in the worst performing index
|
| Call: | Automatically starting March 5, 2023 at par if the level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date
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| Initial levels: | 11,786.80 for Nasdaq, 1,840.222 for Russell, 3,998.84 for S&P
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| Downside thresholds: | 8,250.76 for Nasdaq, 1,288.155 for Russell, 2,799.188 for S&P, 70% of initial level
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| Coupon barriers: | 8,840.10 for Nasdaq, 1,380.167 for Russell, 2,999.13 for S&P, 75% of initial levels
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| Call threshold: | 10,608.12 for Nasdaq, 1,656.200 for Russell, 3,598.956 for S&P, 90% of initial levels
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 8
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.875%
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| Cusip: | 61774TAH5
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