Published on 8/10/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5.05 million 12.5% contingent income autocalls on stocks
New York, Aug. 10 – Morgan Stanley Finance LLC priced $5.05 million of contingent income autocallable securities due Aug. 12, 2024 linked to the common stocks of Amazon.com, Inc., Apple Inc., MetLife, Inc., Nucor Corp. and Paychex, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.5%, paid monthly, if each underlying stock closes at or above its 60% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Feb. 7, 2024 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 50% downside threshold level in which case investors will be fully exposed to the decline of the worst performing stock.
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 stocks: | Amazon.com, Inc., Apple Inc., MetLife, Inc., Nucor Corp. and Paychex, Inc.
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| Amount: | $5.05 million
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| Maturity: | Aug. 12, 2024
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| Coupon: | 12.5%, paid monthly, if each underlying stock closes at or above its 60% 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 stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting Feb. 7, 2024 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $178.85 for Apple, $142.22 for Amazon.com, $64.18 for MetLife, $169.26 for Nucor, $125.07 for Paychex
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| Downside thresholds: | $89.425 for Apple, $71.11 for Amazon.com, $32.09 for MetLife, $84.63 for Nucor, $62.535 for Paychex, 50% of initial level
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| Coupon barriers: | $107.31 for Apple Inc., $85.332 for Amazon.com, Inc., $38.508 for MetLife, Inc., $101.556 for Nucor Corp., $75.042 for Paychex, Inc., 60% of initial levels
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| Pricing date: | Aug. 7
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| Settlement date: | Aug. 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61775HPK7
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