Published on 7/8/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.41 million worst-of fixed coupon autocallable RevCons on stocks
By William Gullotti
Buffalo, N.Y., July 8 – Morgan Stanley Finance LLC priced $1.41 million of 10.55% worst-of fixed coupon autocallable RevCons due July 2, 2024 linked to the worst performing of the shares of Amgen Inc., Estee Lauder Cos. Inc., Home Depot, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level on a monthly determination date after six months, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 55% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Amgen Inc., Estee Lauder Cos. Inc., Home Depot, Inc., UnitedHealth Group Inc.
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| Amount: | $1.41 million
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| Maturity: | July 2, 2024
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| Coupon: | 10.55%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial share price
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| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its redemption threshold level on any monthly review date after six months
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| Initial share prices: | $244.85 for Amgen, $262.87 for Estee Lauder, $282.69 for Home Depot, $505.66 for UnitedHealth
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| Downside thresholds: | $134.668 for Amgen, $144.579 for Estee Lauder, $155.48 for Home Depot, $278.113 for UnitedHealth; 55% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.85%
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| Cusip: | 61774DSB4
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