Published on 3/31/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $389,000 10.75% contingent income autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, April 1 – Morgan Stanley Finance LLC priced $389,000 of contingent income autocallable securities due Jan. 3, 2025 linked to the Russell 2000 index, Dow Jones industrial average and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.75%, paid quarterly, if each underlier closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically starting Oct. 4, 2023 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, Dow Jones industrial average and Technology Select Sector SPDR Fund
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Amount: | $389,000
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Maturity: | Jan. 3, 2025
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Coupon: | 10.75%, paid quarterly, if each underlier closes at or above its 70% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
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Call: | Automatically starting Oct. 4, 2023 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date
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Initial levels: | 34,407.60 for Dow, 1,888.734 for Russell, $173.86 for Technology Select Sector SPDR Fund
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Downside thresholds: | 24,085.32 for Dow, 1,322.114 for Russell, $121.702 for Technology Select Sector SPDR Fund, 70% of initial level
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.5%
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Cusip: | 61774XX73
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