Published on 7/17/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.53 million 9.35% worst-of fixed coupon autocallable RevCons on stocks
By Wendy Van Sickle
Columbus, Ohio, July 17 – Morgan Stanley Finance LLC priced $3.53 million of 9.35% worst-of fixed coupon autocallable RevCons due July 10, 2025 linked to the worst performing of Bank of America Corp., 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 50% 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Bank of America Corp., JPMorgan Chase & Co., Charles Schwab Corp.
|
| Amount: | $3,525,000
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| Maturity: | July 10, 2025
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| Coupon: | 9.35%, payable monthly
|
| Price: | Par
|
| 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
|
| 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
|
| Initial share prices: | $29.08 for BofA, $144.64 for JPMorgan, $56.69 for Schwab
|
| Downside thresholds: | $14.54 for BofA, $72.32 for JPMorgan, $28.345 for Schwab; 50% of initial levels
|
| Pricing date: | July 5
|
| Settlement date: | July 10
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.631%
|
| Cusip: | 61775HAN7
|
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