Published on 1/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 10.6% contingent income autocallables on indexes
Chicago, Jan. 31 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due July 14, 2025 linked to the worst performing of 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 10.6%, 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 July 9, 2024 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 if the indexes never close below the 65% 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: | $500,000
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Maturity: | July 14, 2025
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Coupon: | 10.6% annual rate, 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
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Call: | Automatically starting July 9, 2024 at par if the 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: | 16,678.71 for Nasdaq, 1,968.035 for Russell, 4,756.50 for S&P
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Coupon barriers: | 12,509.033 for Nasdaq, 1,476.026 for Russell, 3,567.375 for S&P, 75% of initial levels
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Downside thresholds: | 10,841.162 for Nasdaq, 1,279.223 for Russell, 3,091.725 for S&P, 65% of initial level
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Pricing date: | Jan. 9
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Settlement date: | Jan. 12
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61771WKY3
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