Published on 6/26/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $265,000 autocallable jump notes on indexes
By Kiku Steinfeld
Chicago, June 26 – Morgan Stanley Finance LLC priced $265,000 of jump securities with autocallable feature due Feb. 5, 2026 linked to Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting July 31, 2023 at a price to give a return of 15.25% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par plus 45.75% 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 70% trigger level and investors will be fully exposed to the decline of the worst performing index if it finishes below its 70% 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: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $265,000
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| Maturity: | Feb. 5, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 45.75% if worst performing index finishes above its initial level; par if worst performing index declines but finishes above its 70% trigger level; otherwise full exposure to decline of worst performing index
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| Call: | Automatically starting July 31, 2023 at a price to give a return of 15.25% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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| Initial levels: | 34,086.04 for Dow, 12,101.93 for Nasdaq, 1,931.945 for Russell
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| Downside thresholds: | 23,860.228 for Dow, 8,471.351 for Nasdaq, 1,352.362 for Russell, 70% of initial levels
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| Pricing date: | Jan. 31, 2023
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| Settlement date: | Feb. 3, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61774TGH9
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