Published on 10/25/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.15 million step-down trigger autocalls on S&P, Russell
By William Gullotti
Buffalo, N.Y., Oct. 25 – Morgan Stanley Finance LLC priced $7.15 million of 0% step-down trigger autocallable notes due Oct. 22, 2027 linked to 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.
After one year, the notes will be automatically called at par of $10 plus 11% per year if each index closes at or above its initial level on any quarterly observation date, except the final one when the call level will be the 70% downside threshold.
If the notes are not subject to an automatic call, investors will lose 1% for every 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Morgan Stanley are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Step-down trigger autocallable notes
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $7,147,000
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Maturity: | Oct. 22, 2027
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the notes are not called, full exposure to decline of worst performer from initial level
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Call: | After one year, at par plus 11% per year if each index closes at or above its initial level on any quarterly observation date except the final one, when the call level will be the downside threshold
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Initial levels: | 3,695.16 for S&P, 1,725.756 for Russell
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Downside thresholds: | 2,586.61 for S&P, 1,208.029 for Russell; 70% of initial levels
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Pricing date: | Oct. 19
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Settlement date: | Oct. 24
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Agents: | UBS Financial Services Inc. and Morgan Stanley
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Fees: | 2.5%
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Cusip: | 61774E758
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