Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.33 million worst-of fixed coupon autocallable RevCons on stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Morgan Stanley Finance LLC priced $1.33 million of 12.75% worst-of fixed coupon autocallable RevCons due July 29, 2025 linked to the worst performing of the shares of Albemarle Corp., Charter Communications, Inc., 3M Co. and United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its initial level on a monthly determination date after six months, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Albemarle Corp., Charter Communications, Inc., 3M Co. and United Rentals, Inc.
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| Amount: | $1,325,000
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| Maturity: | July 29, 2025
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| Coupon: | 12.75% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial share price
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| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its initial level on any monthly review date after six months
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| Initial share prices: | $210.80 for Albermarle, $399.43 for Charter, $104.27 for 3M, $450.21 for United Rentals
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| Downside thresholds: | $105.40 for Albermarle, $199.715 for Charter, $52.135 for 3M, $225.105 for United Rentals; 50% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.75%
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| Cusip: | 61775HMA2
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