Chicago, March 7 – Morgan Stanley Finance LLC priced $805,000 of contingent income autocallable securities due June 1, 2023 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a at par coupon at an annual rate of 16.88% if the ETF closes above 80% of its initial level on the related observation date. Previously unpaid coupons will also be paid.
The securities will be called automatically starting Aug. 26, 2022 at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the ETF closes below its 80% downside threshold level in which case investors will be fully exposed to the decline of the ETF.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| 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 ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $805,000
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| Maturity: | June 1, 2023
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| Coupon: | 16.88% annual rate, payable quarterly if ETF closes above coupon downside threshold level on related observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless the ETF closes below its downside threshold level in which case investors will be fully exposed to the decline in the ETF
|
| Call: | Automatically starting Aug. 26, 2022 at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly call determination date
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| Initial level: | $60.57
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| Downside threshold: | $48.456, 80% of initial level
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| Pricing date: | May 13, 2022
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| Settlement date: | May 18, 2022
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| Agent: | Morgan Stanley & Co. LLC
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| Distributor: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 61774DCF2
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