Published on 7/3/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.19 million contingent income buffered autocallables on index, ETF
New York, July 3 – Morgan Stanley Finance LLC priced $1.19 million of contingent income buffered autocallable securities due July 3, 2025 linked to the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 5.5%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if each underlier closes at or above 90% of its initial level on any quarterly call determination date starting Jan. 3, 2024.
At maturity, the payout will be par unless any asset declines by more than its 25% buffer, in which case investors will be exposed to the decline of the worst performing asset beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying assets: | S&P 500 index and SPDR S&P Biotech ETF
|
| Amount: | $1,188,000
|
| Maturity: | July 3, 2025
|
| Coupon: | 5.5%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par if the worst performing asset finishes at or above 75% of initial level; otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 25%
|
| Call: | Automatically at par if each underlier closes at or above its call threshold on any quarterly call determination date starting Jan. 3, 2024
|
| Initial levels: | 4,376.86 for S&P 500, $83.98 for SPDR S&P Biotech ETF
|
| Buffer: | 25%
|
| Coupon barriers: | 3,282.645 for S&P 500 index, $62.985 for SPDR S&P Biotech ETF, 75% of initial levels
|
| Call thresholds: | 3,939.174 for S&P 500 index, $75.582 for SPDR S&P Biotech ETF, 90% of initial levels
|
| Pricing date: | June 28
|
| Settlement date: | June 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.75%
|
| Cusip: | 61775HCH8
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
