Published on 5/7/2024 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $3.53 million trigger autocallable contingent yield notes on indexes
By William Gullotti
Buffalo, N.Y., May 7 – Morgan Stanley Finance LLC priced $3.53 million of trigger autocallable contingent yield notes due May 2, 2029 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 9.85% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below the 75% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Trigger autocallable contingent yield notes
|
Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
|
Amount: | $3,525,000
|
Maturity: | May 2, 2029
|
Coupon: | 9.85%, payable quarterly if each index closes at or above coupon barrier level on observation date
|
Price: | Par of $10
|
Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of worst performer from initial level
|
Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
Initial levels: | 5,099.96 for S&P, 2,002.0 for Russell, 5,006.85 for Stoxx
|
Coupon barriers: | 3,824.97 for S&P, 1,501.5 for Russell, 3,755.14 for Stoxx; 75% of initial levels
|
Downside thresholds: | 3,824.97 for S&P, 1,501.5 for Russell, 3,755.14 for Stoxx; 75% of initial levels
|
Pricing date: | April 26
|
Settlement date: | April 30
|
Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
Fees: | 2.25%
|
Cusip: | 617938238
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.