Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $6.69 million step-down trigger autocalls on Nasdaq, Stoxx, S&P
By William Gullotti
Buffalo, N.Y., Feb. 23 – Morgan Stanley Finance LLC priced $6.69 million of 0% step-down trigger autocallable notes due Feb. 19, 2027 linked to the Nasdaq-100 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
After one year, the notes will be automatically called at par of $10 plus 10.9% per year if each index closes at or above its initial level on any quarterly observation date, except the final one when the call level will be the 75% downside threshold.
If the worst performer finishes at or above its 75% downside threshold, the payout at maturity will be par plus 32.7%.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $6,685,000
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| Maturity: | Feb. 19, 2027
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the worst performer finishes at or above downside threshold, par plus 32.7%; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | After one year, at par plus 10.9% per year if each index closes at or above its initial level on any quarterly observation date except the final one, when the call level will be the downside threshold
|
| Initial levels: | 17,807.63 for Nasdaq, 4,709.22 for Stoxx, 5,000.62 for S&P
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| Downside thresholds: | 13,355.723 for Nasdaq, 3,531.915 for Stoxx, 3,750.465 for S&P; 75% of initial levels
|
| Strike date: | Feb. 14
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
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| Agents: | UBS Financial Services Inc. and Morgan Stanley
|
| Fees: | 0.75%
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| Cusip: | 61776K273
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