Published on 1/11/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $637,000 autocallable jump notes on indexes
By Kiku Steinfeld
Chicago, Jan. 11 – Morgan Stanley Finance LLC priced $637,000 of jump securities with autocallable feature due April 28, 2028 linked to Nasdaq-100 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 April 26, 2024 at a price to give a return of 9% per year if the level of each underlying index is greater than or equal to its initial level on any annual call determination date.
At maturity the payout will be par plus 45% 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 60% trigger level and investors will be fully exposed to the decline of the worst performing index if it finishes below its 60% 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 Russell 2000 index
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Amount: | $637,000
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Maturity: | April 28, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 45% if worst performing index finishes above its initial level; par if worst performing index declines but finishes above its 60% trigger level; otherwise full exposure to decline of worst performing index
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Call: | Automatically starting April 26, 2024 at a price to give a return of 9% 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: | 33,530.83 for Dow, 12,725.11 for Nasdaq, 1,745.952 for Russell
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Downside thresholds: | 20,118.498 for Dow, 7,635.066 for Nasdaq, 1,047.571 for Russell, 60% of initial level
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Pricing date: | April 25, 2023
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Settlement date: | April 28, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61774XFL2
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