Published on 10/1/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $590,000 autocallable jump notes on indexes
By Kiku Steinfeld
Chicago, Oct. 2 – Morgan Stanley Finance LLC priced $590,000 of jump securities with autocallable feature due March 22, 2028 linked to Nasdaq-100 index, Dow Jones industrial average and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting March 20, 2024 at a price to give a return of 14% per year if the level of each underlying index is greater than or equal to its initial level on any annual call determination date.
The payout at maturity will be par plus 100% of the return of the worst performing index if the return of that index is positive.
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, Dow Jones industrial average and S&P 500 index
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| Amount: | $590,000
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| Maturity: | March 22, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of worst performing index is positive, par plus 100% of that index's return; par if worst performing index declines but ends above downside threshold; full exposure to loss if worst performing index ends below downside threshold
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| Upside leverage: | 100%
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| Call: | Automatically starting March 20, 2024 at a price to give a return of 14% per year if the level of each underlying index is greater than or equal to its initial level on any annual call determination date
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| Initial levels: | 31,861.98 for Dow, 12,519.88 for Nasdaq, 3,916.64 for S&P
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| Downside thresholds: | 22,303.386 for Dow, 8,763.916 for Nasdaq, 2,741.648 for S&P, 70% of initial level
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| Pricing date: | March 17, 2023
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| Settlement date: | March 22, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61774XAT0
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