Published on 8/31/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.76 million trigger autocallable contingent yield notes on indexes
By William Gullotti
Buffalo, N.Y., Aug. 31 – Morgan Stanley Finance LLC priced $2.76 million of trigger autocallable contingent yield notes due Aug. 21, 2026 linked to the least performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $2,763,100
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| Maturity: | Aug. 21, 2026
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| Coupon: | 11%, payable quarterly if each index closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon unless any index closes below downside threshold level, in which case 1% loss for each 1% decline of worst performer from initial level
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 1,859.421 for Russell, 4,212.95 for Stoxx
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| Coupon barriers: | 1,301.595 for Russell, 2,949.07 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,301.595 for Russell, 2,949.07 for Stoxx; 70% of initial levels
|
| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Cusip: | 61774W832
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