Published on 11/10/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $506,000 13.75% contingent income autocalls on index, ETF
By Kiku Steinfeld
Chicago, Nov. 10 – Morgan Stanley Finance LLC priced $506,000 of contingent income autocallable securities due April 15, 2024 linked to the Nasdaq-100 index and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.75%, paid monthly, if each underlier closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically July 13, 2023 at par if the level of each underlier is greater than or equal to its initial level on any monthly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.
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 assets: | Nasdaq-100 index and Energy Select Sector SPDR Fund
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| Amount: | $506,000
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| Maturity: | April 15, 2024
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| Coupon: | 13.75%, paid monthly, if each underlier closes at or above its 70% downside threshold on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
|
| Call: | Automatically starting July 13, 2023 at par if the level of each underlier is greater than or equal to its initial level on any monthly call determination date
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| Initial levels: | 13,051.23 for Nasdaq-100, $85.66 for Energy Select Sector SPDR Fund
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| Downside thresholds: | 9,135.861 for Nasdaq-100, $59.962 for Energy Select Sector SPDR Fund, 70% of initial level
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| Pricing date: | April 10, 2023
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| Settlement date: | April 13, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.8%
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| Cusip: | 61774XMV2
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