Published on 12/22/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.52 million 17.5% contingent income autocalls on stocks
New York, Dec. 22 – Morgan Stanley Finance LLC priced $2.52 million of contingent income autocallable securities due Dec. 23, 2027 linked to the common stocks of Advanced Micro Devices, Inc., American Express Co., Target Corp. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17.5%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date, in which case any previously unpaid coupon will also be paid.
The securities will be called automatically starting March 21, 2024 at par if the price of each underlying stock is greater than or equal to 95% of its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing stock.
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 stocks: | Advanced Micro Devices, Inc., American Express Co., Target Corp. and Goldman Sachs Group, Inc.
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| Amount: | $2,515,000
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| Maturity: | Dec. 23, 2027
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| Coupon: | 17.5%, paid monthly, if each underlying stock closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting March 21, 2024 at par if the price of each underlying stock is greater than or equal to 95% of its initial price on any monthly call determination date
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| Initial levels: | $138.90 for Advanced Micro Devices, $182.76 for American Express, $376.40 for Goldman Sachs, $137.72 for Target
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| Downside thresholds: | $97.23 for Advanced Micro Devices, $127.932 for American Express, $263.48 for Goldman Sachs, $96.404 for Target, 70% of initial level
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| Call threshold: | $131.955 for Advanced Micro Devices, $173.622 for American Express, $357.58 for Goldman Sachs, $130.834 for Target Corp., 95% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.25%
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| Cusip: | 61775M2Y1
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