Published on 3/14/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.85 million contingent income autocallables on three indexes
New York, March 14 – Morgan Stanley Finance LLC priced $1.85 million of contingent income autocallable securities due Aug. 30, 2024 linked to the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.2%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any monthly call determination date starting Aug. 28, 2023.
At maturity, the payout will be par unless the worst performing index finishes below its 60% downside threshold level, in which case 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: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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Amount: | $1,851,000
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Maturity: | Aug. 30, 2024
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Coupon: | 8.2%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the worst performing index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing index
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Call: | Automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any monthly call determination date starting Aug. 28, 2023
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Initial levels: | 32,889.09 for Dow Jones industrial average, 12,057.79 for Nasdaq-100, 3,982.24 for S&P 500
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Downside thresholds: | 19,733.454 for Dow Jones industrial average, 7,234.674 for Nasdaq-100, 2,389.344 for S&P 500, 60% of initial level
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Coupon barriers: | 23,022.363 for Dow Jones industrial average, 8,440.453 for Nasdaq-100, 2,787.568 for S&P 500, 70% of initial levels
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Pricing date: | Feb. 27
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Settlement date: | March 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.45%
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Cusip: | 61774TG30
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