Published on 9/21/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $605,000 autocallable jump securities linked to indexes
Chicago, Sept. 21 – Morgan Stanley Finance LLC priced $605,000 of jump securities with autocallable feature due Sept. 3, 2027 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at a price to give a return of 20% if the level of each underlying index is greater than or equal to its initial level on Sept. 1, 2023.
The payout at maturity will be par plus 180% of the return of the worst performing index if the return of that index is positive.
The payout will be par if the worst performing index declines but finishes above its 70% trigger level and investors will be fully exposed to the decline of the worst performing index if it finishes below its 70% trigger level.
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: | Jump securities with autocallable feature
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Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $605,000
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Maturity: | Sept. 3, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If return of worst performing index is positive, par plus 180% of that index's return; par if worst performing index declines but ends above downside threshold; full exposure to loss if worst performing index ends below downside threshold
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Call: | Automatically at a price to give a return of 20% per year if the level of each underlying index is greater than or equal to its initial level and on any subsequent determination date
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Initial levels: | 31,510.43 for Dow, 1,844.115 for Russell, 3,955.00 for S&P
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Downside thresholds: | 22,057.301 for Dow, 1,290.881 for Russell, 2,768.50 for S&P, 70% of initial levels
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Upside leverage: | 180%
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Pricing date: | Aug. 31, 2022
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Settlement date: | Sept. 6, 2022
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.625%
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Cusip: | 61774D4J3
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