Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $405,000 worst-of fixed coupon autocallable RevCons on stocks
Chicago, Feb. 11 – Morgan Stanley Finance LLC priced $405,000 of 9.25% worst-of fixed coupon autocallable RevCons due May 29, 2025 linked to the worst performing of the shares of Microsoft Corp. and Apple, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each stock closes at or above its initial level on a quarterly determination date starting after six months, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 75% downside threshold level, the payout at maturity will be par. 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
|
| Underlying stocks: | Microsoft Corp. and Apple, Inc.
|
| Amount: | $405,000
|
| Maturity: | May 29, 2025
|
| Coupon: | 9.25% annual rate, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial share price
|
| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its initial level on any quarterly review date starting after six months
|
| Initial share prices: | $171.56 for Apple, $315.26 for Microsoft
|
| Downside thresholds: | $128.67 for Apple, $236.445 for Microsoft; 75% of initial levels
|
| Pricing date: | May 24, 2023
|
| Settlement date: | May 31, 2023
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61774XY23
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
