Published on 7/22/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.09 million autocallable jump securities on indexes, fund
Chicago, July 24 – Morgan Stanley Finance LLC priced $1.09 million of jump securities with autocallable feature due July 16, 2026 linked to the worst performing of the Dow Jones industrial average, Russell 2000 index and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting Jan. 16, 2024 at a price to give a return of 11.3% per year if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par plus 33.9% if the worst performing underlier finishes above its initial level.
The payout will be par if the worst performing asset declines but finishes above its 70% trigger level and investors will be fully exposed to the decline of the worst performing asset if it finishes below its 70% 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 assets: | Dow Jones industrial average, Russell 2000 index and Technology Select Sector SPDR Fund
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| Amount: | $1,087,000
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| Maturity: | July 16, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 33.9% if worst performing asset finishes above its initial level; par if worst performing asset declines but finishes above its 70% trigger level; otherwise, full exposure to decline of worst performing asset
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| Call: | Automatically starting Jan. 16, 2024 at a price to give a return of 11.3% per year if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | 34,395.14 for Dow, 1,950.891 for Russell, $176.25 for Technology Fund
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| Downside thresholds: | 24,076.598 for Dow, 1,365.624 for Russell, $123.375 for Technology Fund, 70% of initial levels
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| Pricing date: | July 13
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| Settlement date: | July 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61775HKF3
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