Published on 1/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.66 million 7% contingent income autocallables on indexes
Chicago, Jan. 31 – Morgan Stanley Finance LLC priced $1.66 million of contingent income autocallable securities due July 14, 2025 linked to the worst performing of the Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting April 9 at par if the level of each underlying index is greater than or equal to 96.5% of its initial level on any quarterly call determination date.
At maturity the payout will be par if the indexes never close below the 70% downside threshold level during the life of the notes or the worst performing index ends above its initial level. Otherwise, investors will be fully exposed to the decline of the worst performing index.
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: | Contingent income autocallable securities
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1,661,000
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| Maturity: | July 14, 2025
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| Coupon: | 7% annual rate, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the indexes never close below the trigger level during the life of the notes or the worst performing index ends above its initial level, otherwise investors will be fully exposed to the decline in the worst performing index
|
| Call: | Automatically starting April 9 at par if the level of each underlying index is greater than or equal to 96.5% of its initial level on any quarterly call determination date
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| Initial levels: | 37,525.16 for Dow, 16,678.71 for Nasdaq, 1,968.035 for Russell
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| Coupon barriers: | 28,143.87 for Dow, 12,509.033 for Nasdaq, 1,476.026 for Russell, 75% of initial levels
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| Downside thresholds: | 26,267.612 for Dow, 11,675.097 for Nasdaq, 1,377.625 for Russell, 70% of initial level
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| Call threshold: | 36,211.779 for Dow, 16,094.955 for Nasdaq, 1,899.154 for Russell, 96.50% of initial levels
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| Pricing date: | Jan. 9
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| Settlement date: | Jan. 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.875%
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| Cusip: | 61771WJN9
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