Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.82 million contingent income autocallables on three ETFs
New York, April 29 – Morgan Stanley Finance LLC priced $3.82 million of contingent income autocallable securities due April 28, 2027 linked to the VanEck Gold Miners ETF, the SPDR S&P Biotech ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date.
The securities will be called automatically at par if each ETF closes at or above its call threshold, 90% of initial level, on any monthly call determination date starting July 23.
At maturity, the payout will be par unless the worst performing ETF finishes below its 60% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
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 ETFs: | VanEck Gold Miners ETF, SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF
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| Amount: | $3,824,000
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| Maturity: | April 28, 2027
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| Coupon: | 14%, paid monthly, if each underlying fund closes at or above its 70% 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 ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically at par if each ETF closes at or above its call threshold, 90% of initial level, on any monthly call determination date starting July 23
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| Initial levels: | $33.05 for VanEck Gold Miners ETF, $48.73 for SPDR S&P Regional Banking ETF, $84.69 for SPDR S&P Biotech ETF
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| Downside thresholds: | $19.83 for VanEck Gold Miners ETF, $29.238 for SPDR S&P Regional Banking ETF, $50.814 for SPDR S&P Biotech ETF, 60% of initial levels
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| Coupon barriers: | $23.135 for VanEck Gold Miners ETF, $34.111 for SPDR S&P Regional Banking ETF, $59.283 for SPDR S&P Biotech ETF, 70% of initial levels
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| Call threshold: | $29.745 for VanEck Gold Miners ETF, $43.857 for SPDR S&P Regional Banking ETF, $76.221 for SPDR S&P Biotech ETF, 90% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.15%
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| Cusip: | 61776LXE2
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