Published on 5/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $407,000 9% contingent income buffered autocalls on indexes
Chicago, May 1 – Morgan Stanley Finance LLC priced $407,000 of contingent income buffered autocallable securities due March 11, 2024 linked to the worst performing of the Dow Jones industrial average, 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 9%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Sept. 6, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date.
At maturity the payout will be par unless each index declines by more than its 20% buffer in which case investors will be exposed to the decline of the worst performing index beyond the buffer.
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 buffered autocallable securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $407,000
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| Maturity: | March 11, 2024
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| Coupon: | 9% annual rate, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing index gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
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| Call: | Automatically starting Sept. 6, 2022 at par if the level of each underlying index is greater than or equal to its initial level on any monthly call determination date
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| Initial levels: | 32,915.78 for Dow, 12,599.63 for Nasdaq, 4,121.43 for S&P
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| Coupon barriers: | 26,332.624 for Dow, 10,079.704 for Nasdaq, 3,297.144 for S&P, 80% of initial levels
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| Buffer levels: | 26,332.624 for Dow, 10,079.704 for Nasdaq, 3,297.144 for S&P, 80% of initial levels
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| Buffer: | 20%
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| Pricing date: | June 6, 2022
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| Settlement date: | June 9, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61774DHC4
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