Published on 12/13/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.07 million contingent market-linked autocalls on four indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Morgan Stanley Finance LLC priced $1.07 million of market-linked securities – autocallable with contingent coupon and contingent downside due Oct. 29, 2024 linked to the performance of the Dow Jones industrial average, the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
A monthly coupon at an annualized rate of 10.75% will be paid if each index closes at or above 75% of its initial level on the related observation date.
The notes will be called at par if each index closes at or above the initial level on any monthly observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $1,073,000
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| Maturity: | Oct. 29, 2024
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| Coupon: | 10.75%, payable monthly if each index closes at or above coupon threshold on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performer from its initial level
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| Call: | At par if each index closes at or above its initial level on any monthly observation date after six months
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| Initial levels: | 32,784.3 for Dow, 4,137.23 for S&P, 1,657.003 for Russell, 14,109.57 for Nasdaq
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| Coupon thresholds: | 24,588.225 for Dow, 3,102.9225 for S&P, 1,242.75225 for Russell, 10,582.1775 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 24,588.225 for Dow, 3,102.9225 for S&P, 1,242.75225 for Russell, 10,582.1775 for Nasdaq; 75% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agents: | Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
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| Fees: | 1.325%
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| Cusip: | 61775MNQ5
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