Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.64 million autocallable jump securities on indexes
Chicago, Aug. 25 – Morgan Stanley Finance LLC priced $3.64 million of jump securities with autocallable feature due Aug. 23, 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 Aug. 21, 2024 at a price to give a return of 10% 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 50% if the worst performing underlier finishes above 90% of its initial level.
The payout will be par if the worst performing index finishes below 90% of its initial level but above its 75% trigger level. Investors will be fully exposed to the decline of worst performing index if it finishes below its 75% 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: | $3,635,000
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| Maturity: | Aug. 23, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 50% if worst performing index finishes above its call threshold level; par if worst performing index finishes below 90% of its initial level but above 75% trigger level; otherwise, full exposure to decline of worst performing index
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| Call: | Automatically starting Aug. 21, 2024 at a price to give a return of 10% 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: | 34,500.66 for Dow, 1,859.421 for Russell, 4,369.71 for S&P
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| Call threshold: | 31,050.594 for Dow, 1,673.479 for Russell, 3,932.739 for S&P, 90% of initial levels
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| Downside thresholds: | 25,875.495 for Dow, 1,394.566 for Russell, 3,277.283 for S&P, 75% of initial level
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61775HRZ2
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