Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.05 million autocallable jump securities on indexes
Chicago, July 28 – Morgan Stanley Finance LLC priced $1.05 million of jump securities with autocallable feature due July 24, 2026 linked to the worst performing of the Nasdaq-100 index, S&P 500 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting July 24, 2024 at a price to give a return of 9.8% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date.
At maturity the payout will be par plus 29.4% if the worst performing underlier finishes above its initial level.
The payout will be par if the worst performing index declines but finishes above its 70% trigger level and investors will be fully exposed to the decline of the worst performing index 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 indexes: | Nasdaq-100 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $1,046,000
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| Maturity: | July 24, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 29.4% if worst performing index finishes above its initial level; par if worst performing index declines but finishes above its 70% trigger level; otherwise, full exposure to decline of worst performing index
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| Call: | Automatically starting July 24, 2024 at a price to give a return of 9.8% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date
|
| Initial levels: | 35,227.69 for Dow, 15,425.67 for Nasdaq, 4,536.34 for S&P
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| Downside thresholds: | 24,659.383 for Dow, 10,797.969 for Nasdaq, 3,175.438 for S&P, 70% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61775HLM7
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