Published on 5/19/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.82 million autocallable jump securities linked to indexes
Chicago, May 19 – Morgan Stanley Finance LLC priced $1.82 million of jump securities with autocallable feature due May 17, 2028 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting May 15, 2024 at a price to give a return of 7.35% per year if the level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date.
At maturity the payout will be par plus 36.75% if the worst performing underlier finishes above 90% of its initial level.
The payout will be par if worst performing index finishes below 90% of its initial level but above its 65% trigger level. Investors will be fully exposed to the decline of worst performing index if it finishes below its 65% trigger level.
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: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,822,000
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| Maturity: | May 17, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 36.75% if worst performing index finishes above its call threshold level; par if worst performing index finishes below 90% of its initial level but above 65% trigger level; otherwise, full exposure to decline of worst performing index
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| Call: | Automatically starting May 15, 2024 at a price to give a return of 7.35% per year if the level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date
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| Initial levels: | 33,300.62 for Dow, 1,740.849 for Russell, 4,124.08 for S&P
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| Call threshold: | 29,970.558 for Dow, 1,566.764 for Russell, 3,711.672 for S&P, 90% of initial levels
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| Downside thresholds: | 21,645.403 for Dow, 1,131.552 for Russell, 2,680.652 for S&P, 65% of initial levels
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| Pricing date: | May 12
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| Settlement date: | May 17
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.75%
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| Cusip: | 61774XM59
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