Published on 5/15/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.03 million 10.2% fixed income autocallables tied to Russell, S&P
By William Gullotti
Buffalo, N.Y., May 15 – Morgan Stanley Finance LLC priced $1.03 million of 10.2% fixed income autocallable securities due Aug. 15, 2024 linked to the performance of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly determination date after one year.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 75% final barrier during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the laggard index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Fixed income autocallable securities
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,028,000
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| Maturity: | Aug. 15, 2024
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| Coupon: | 10.2%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below its 75% final barrier during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the laggard index declines from its initial level
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly determination date after one year
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| Initial index levels: | 2,245.935 for Russell, 34,899.34 for S&P
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| Final barrier levels: | 1,796.748 for Russell, 27,919.472 for S&P; 75% of initial levels
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| Pricing date: | May 10
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| Settlement date: | May 15
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61774XVF7
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