Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocallables on S&P, Russell
New York, April 29 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Oct. 28, 2025 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.05%, paid semiannually, if each underlying index closes at or above its 70% downside threshold on the related semiannual observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any semiannual determination date.
At maturity, the payout will be par unless the worst performing index finishes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing index.
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 indexes: | S&P 500 index and Russell 2000 index
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Amount: | $1 million
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Maturity: | Oct. 28, 2025
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Coupon: | 9.05%, paid semiannually, if each underlying index closes at or above its 70% downside threshold on the related semiannual 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 index finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing index
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Call: | Automatically at par if the closing level of each underlying index is greater than or equal to its initial level on any semiannual determination date
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Initial levels: | 2,002.643 for Russell 2000, 5,070.55 for S&P 500
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Downside thresholds: | 1,401.850 for Russell 2000, 3,549.385 for S&P 500, 70% of initial levels
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Pricing date: | April 23
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Settlement date: | April 26
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61776LZT7
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