Published on 8/5/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.09 million 11.5% contingent income autocallables on indexes
Chicago, Aug. 5 – Morgan Stanley Finance LLC priced $1.09 million of contingent income autocallable securities due Feb. 1, 2024 linked to the worst performing of the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid monthly, if each underlying index closes at or above its 65% downside threshold on the related monthly observation date.
The securities will be called automatically starting Nov. 3 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par if the indexes never close below the 65% downside threshold level during the life of the notes or the worst performing index ends above its initial level. Otherwise, investors will be fully exposed to the decline of the worst performing index.
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 indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,087,000
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Maturity: | Feb. 1, 2024
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Coupon: | 11.5% annual rate, paid monthly, if each underlying index closes at or above its 65% downside threshold on the related monthly observation date
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Price: | Par
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Payout at maturity: | Par if the indexes never close below the trigger level during the life of the notes or the worst performing index ends above its initial level, otherwise investors will be fully exposed to the decline in the worst performing index
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Call: | Automatically starting Nov. 3 at par if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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Initial levels: | 32,845.13 for Dow, 12,947.97 for Nasdaq, 1,885.230 for Russell
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Downside thresholds: | 21,349.335 for Dow, 8,416.181 for Nasdaq, 1,225.400 for Russell, 65% of initial levels
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Pricing date: | July 29
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Settlement date: | Aug. 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.5%
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Cusip: | 61774DB22
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