Published on 12/18/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2 million 11.3% worst-of fixed coupon autocallable RevCons
By William Gullotti
Buffalo, N.Y., Dec. 18 – Morgan Stanley Finance LLC priced $2 million of 11.3% worst-of fixed coupon autocallable RevCons due Dec. 17, 2025 linked to the worst performing of Blackrock, Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its initial level on any monthly determination date after six months, the notes will be automatically called at par plus the fixed coupon.
If each stock finishes at or above the 55% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Blackrock, Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co., Charles Schwab Corp.
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| Amount: | $2 million
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| Maturity: | Dec. 17, 2025
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| Coupon: | 11.3%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock from its initial share price
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| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its initial level on any monthly review date after six months
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| Initial share prices: | $759.29 for Blackrock, $352.61 for Goldman, $160.52 for JPMorgan, $64.57 for Schwab
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| Downside thresholds: | $417.61 for Blackrock, $193.936 for Goldman, $88.286 for JPMorgan, $35.514 for Schwab; 55% of initial levels
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61775MX35
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