Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $600,000 8.5% contingent income autocallables on indexes, ETF
Chicago, April 22 – Morgan Stanley Finance LLC priced $600,000 of contingent income autocallable securities due Oct. 29, 2025 linked to the worst performing of the Russell 2000 index, S&P 500 index and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting July 29, 2024 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Russell 2000 index, S&P 500 index and SPDR S&P Biotech ETF
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| Amount: | $600,000
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| Maturity: | Oct. 29, 2025
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| Coupon: | 8.5% annual rate, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
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| Call: | Automatically starting July 29, 2024 at par if the level of each underlier is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | 1,961.865 for Russell, 4,868.55 for S&P, $87.72 for biotech
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| Coupon barriers: | 1,373.306 for Russell, 3,407.985 for S&P, $61.404 for biotech, 70% of initial levels
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| Downside thresholds: | 1,177.119 for Russell, 2,921.13 for S&P, $52.632 for biotech, 60% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.2%
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| Cusip: | 61771WML9
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