Published on 4/26/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.99 million leveraged market-linked autocalls on two indexes
By William Gullotti
Buffalo, N.Y., April 26 – Morgan Stanley Finance LLC priced $2.99 million of 0% market-linked securities – autocallable with leveraged upside participation and contingent downside due April 22, 2027 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be automatically called at par plus a 20.6% premium if each index closes at or above its initial level on April 24, 2025.
If the notes are not called and each index finishes positive, the payout at maturity will be par plus 150% of the least-performing index’s return.
Investors will receive par if the least-performing index falls by up to 25%.
If the worst performer falls by more than 25%, investors will be fully exposed to the decline of that index from its initial level.
Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Market-linked securities – autocallable with leveraged upside participation and contingent downside
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $2,991,000
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| Maturity: | April 22, 2027
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 150% of any gain in least-performing index; par if laggard index falls by up to 25%; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | Automatically at par plus 20.6% if each index closes at or above initial level on April 24, 2025
|
| Initial levels: | 4,918.09 for Stoxx, 1,947.656 for Russell
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| Threshold levels: | 3,688.5675 for Stoxx, 1,460.742 for Russell; 75% of initial levels
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| Pricing date: | April 19
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| Settlement date: | April 24
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| Agents: | Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
|
| Fees: | 2.575%
|
| Cusip: | 61776LNX1
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