Published on 12/17/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $770,000 27% contingent income autocallables on three stocks
By Kiku Steinfeld
Chicago, Dec. 19 – Morgan Stanley Finance LLC priced $770,000 of contingent income autocallable securities due April 24, 2025 linked to the common stocks of Apple Inc., Carnival Corp. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 27%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly observation date.
The securities will be called automatically at par starting July 22 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing stock.
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 autocallable securities
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Underlying stocks: | Apple Inc., Carnival Corp. and Tesla, Inc.
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Amount: | $770,000
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Maturity: | April 24, 2025
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Coupon: | 27%, paid monthly, if each underlying stock closes at or above its 60% downside threshold on the related monthly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing stock
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Call: | Automatically at par starting July 22 at par if the price of each underlying stock is greater than or equal to its initial price on any monthly call determination date
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Initial levels: | $167.40 for Apple, $19.91 for Carnival, $1,028.15 for Tesla
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Downside thresholds: | $100.44 for Apple, $11.946 for Carnival, $616.89 for Tesla, 60% of initial level
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Pricing date: | April 19
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Settlement date: | April 22
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.25%
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Cusip: | 61773QS59
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