Published on 12/11/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $600,000 worst-of fixed-coupon RevCons on stocks, fund
Chicago, Dec. 11 – Morgan Stanley Finance LLC priced $600,000 of worst-of fixed-coupon autocallable RevCons due Nov. 12, 2024 linked to the Amazon.com, Inc., Exxon Mobil Corp. and VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.52% per year, paid quarterly.
The notes will be called early at par plus the coupon if all three assets close above their redemption threshold levels an any quarterly determination date starting after six months. The initial redemption threshold level is 90% of the initial level, then decreases 5% each quarter.
If the worst performing asset gains or declines but ends above the 50% downside threshold level, the payout at maturity will be par plus the coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below the downside threshold 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: | Worst-of fixed-coupon autocallable RevCons
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| Underlying assets: | Amazon.com, Inc., Exxon Mobil Corp. and VanEck Vectors Junior Gold Miners ETF
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| Amount: | $600,000
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| Maturity: | Nov. 12, 2024
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| Coupon: | 10.52% per year, paid quarterly
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its downside threshold level, par plus coupon; 1% loss for every 1% that worst performing asset declines if it finishes below its downside threshold level
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| Call: | At par plus coupon if each asset closes above redemption threshold level on any quarterly call date starting after six months; initial threshold level is 90% of initial level and decreases 5% each quarter
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| Initial levels: | $107.93 for Exxon, $103.65 for Amazon, $41.13 for ETF
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| Downside threshold levels: | $53.965 for Exxon, $51.825 for Amazon, $20.565 for ETF, 50% of initial levels
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| Pricing date: | May 4, 2023
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| Settlement date: | May 10, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61774XF40
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