Published on 1/30/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.98 million contingent income buffered autocalls on three ETFs
New York, Jan. 30 – Morgan Stanley Finance LLC priced $1.98 million of contingent income buffered autocallable securities due Oct. 22, 2025 linked to the SPDR S&P Biotech ETF, the VanEck Gold Miners ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date.
The securities will be called automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting July 17, 2024.
At maturity, the payout will be par unless any fund declines by more than 20%, in which case investors will lose 1% for each 1% decline of the worst performing fund beyond 20%.
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 buffered autocallable securities
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| Underlying ETFs: | SPDR S&P Biotech ETF, VanEck Gold Miners ETF and SPDR S&P Regional Banking ETF
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| Amount: | $1,979,000
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| Maturity: | Oct. 22, 2025
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| Coupon: | 11.5%, paid monthly, if each underlying fund closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any fund declines by more than 20%, in which case investors will lose 1% for each 1% decline of the worst performing fund beyond 20%
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| Call: | Automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting July 17, 2024
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| Initial levels: | $27.51 for VanEck Gold Miners ETF, $49.33 for SPDR S&P Regional Banking ETF, $88.34 for SPDR S&P Biotech ETF
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| Buffer: | 20%
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| Buffer level: | $22.008 for VanEck Gold Miners ETF, $39.464 for SPDR S&P Regional Banking ETF, $70.672 for SPDR S&P Biotech ETF, 80% of initial levels
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| Coupon barriers: | $19.257 for VanEck Gold Miners ETF, $34.531 for SPDR S&P Regional Banking ETF, $61.838 for SPDR S&P Biotech ETF, 70% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.875%
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| Cusip: | 61771WJU3
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