Published on 1/6/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.28 million contingent income autocallables on three ETFs
New York, Jan. 6 – Morgan Stanley Finance LLC priced $1.28 million of contingent income autocallable securities due Dec. 29, 2023 linked to the iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.54%, paid monthly, if each underlying fund closes at or above its 65% downside threshold on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date starting March 28, 2023.
At maturity, the payout will be par unless the worst performing ETF finishes below its 65% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
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 ETFs: | iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $1,282,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 11.54%, paid monthly, if each underlying fund closes at or above its 65% downside threshold on the related monthly observation date, plus any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
|
| Call: | Automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date starting March 28, 2023
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| Initial levels: | $174.39 for iShares Russell 2000 ETF, $267.36 for Invesco QQQ Trust, Series 1, $382.91 for SPDR S&P 500
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| Downside thresholds: | $113.354 for iShares Russell 2000 ETF, $173.784 for Invesco QQQ Trust, Series 1, $248.892 for SPDR S&P 500, 65% of initial level
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61774TFY3
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