Published on 3/20/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $650,000 9% contingent income autocallables on indexes
Chicago, March 20 – Morgan Stanley Finance LLC priced $650,000 of contingent income autocallable securities due May 22, 2025 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 9%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Nov. 21, 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 the worst performing index closes 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: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $650,000
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Maturity: | May 22, 2025
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Coupon: | 9% annual rate, paid monthly, if each underlying index closes at or above its 75% 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 closes 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 starting Nov. 21, 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: | 31,253.13 for Dow, 11,875.63 for Nasdaq, 1,776.223 for Russell
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Downside thresholds: | 18,751.878 for Dow, 7,125.378 for Nasdaq, 1,065.734 for Russell, 60% of initial levels
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Coupon barriers: | 23,439.848 for Dow, 8,906.723 for Nasdaq index, 1,332.167 for Russell index, 75% of initial levels
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Pricing date: | May 19, 2022
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Settlement date: | May 24, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61774DEK9
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