Published on 7/13/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $10.58 million contingent income buffered autocalls on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, July 13 – Morgan Stanley Finance LLC priced $10.58 million of contingent income buffered autocallable securities due April 4, 2024 linked to the S&P 500 index and the Dow Jones industrial average index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 6.75%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Dec. 30, 2022.
At maturity, the payout will be par unless any index declines by more than its 25% buffer, in which case investors will be exposed to the decline of the worst performing index beyond the buffer.
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 indexes: | S&P 500 index and Dow Jones industrial average index
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| Amount: | $10,583,000
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| Maturity: | April 4, 2024
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| Coupon: | 6.75%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing index finishes at or above its 25% buffer, otherwise investors will be exposed to the decline in the worst performing index beyond the buffer
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| Call: | Automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any quarterly call determination date starting Dec. 30, 2022
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| Initial levels: | 30,775.43 for Dow Jones industrial average, 3,785.38 for S&P 500
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| Coupon barrier: | 23,081.573 for Dow Jones industrial average, 2,839.035 for S&P 500, 75% of the initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61774DSC2
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