Published on 3/12/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $953,000 autocallable jump securities linked to Dow, S&P
By Kiku Steinfeld
Chicago, March 13 – Morgan Stanley Finance LLC priced $953,000 of jump securities with autocallable feature due Dec. 3, 2025 linked to Dow Jones industrial average and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting May 30, 2023 at a price to give a return of 13.55% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date.
At maturity the payout will be par plus 40.65% if the worst performing underlier finishes above its initial level.
The payout will be par if the worst performing index declines but finishes above its 60% trigger level and investors will be fully exposed to the decline of the worst performing index if it finishes below its 60% trigger level.
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: | Jump securities with autocallable feature
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| Underlying indexes: | Dow Jones industrial average and S&P 500 index
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| Amount: | $953,000
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| Maturity: | Dec. 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 40.65% if worst performing index finishes above its initial level; par if worst performing index declines but finishes above its 60% trigger level; otherwise full exposure to decline of worst performing index
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| Call: | Automatically starting May 30, 2023 at a price to give a return of 13.55% per year if the level of each underlying index is greater than or equal to its initial level on any semiannual determination date
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| Initial levels: | 33,849.46 for Dow, 3,963.94 for S&P
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| Downside thresholds: | 20,309.676 for Dow, 2,378.364 for S&P, 60% of initial level
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| Pricing date: | Nov. 28, 2022
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| Settlement date: | Dec. 1, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61774H3C0
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