Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.11 million autocallable jump securities on three indexes
New York, June 30 – Morgan Stanley Finance LLC priced $4.11 million of jump securities with autocallable feature due June 28, 2028 linked to the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus a 10.25% annualized call premium if the closing level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date starting June 26, 2024.
At maturity, the payout will be par plus 51.25% if the worst performing underlier finishes at or above 90% of its initial level.
The payout will be par if worst performing index finishes below 90% of its initial level but at or above its 75% trigger level.
Otherwise, investors will be fully exposed to the decline of worst performing index from its initial 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: | $4,109,000
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Maturity: | June 28, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 51.25% if worst performing index finishes at or above its call threshold level; par if worst performing index finishes below 90% of its initial level but at or above 75% trigger level; otherwise, full exposure to decline of worst performing index
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Call: | Automatically at par plus a 10.25% annualized call premium if the closing level of each underlying index is greater than or equal to 90% of its initial level on any quarterly call determination date starting June 26, 2024
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Initial levels: | 33,727.43 for Dow Jones industrial average, 1,821.635 for Russell 2000, 4,348.33 for S&P 500
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Downside thresholds: | 25,295.573 for Dow Jones industrial average, 1,366.226 for Russell 2000, 3,261.248 for S&P 500, 75% of initial levels
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Call threshold: | 30,354.687 for Dow Jones industrial average, 1,639.472 for Russell 2000, 3,913.497 for S&P 500, 90% of initial levels
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Pricing date: | June 23
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Settlement date: | June 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0%
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Cusip: | 61774X5F6
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