Chicago, July 28 – Morgan Stanley Finance LLC priced $446,000 of contingent income autocallable securities due Jan. 24, 2025 linked to the worst performing of the SPDR S&P Biotech ETF and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date.
The securities will be called automatically starting Jan. 22, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the worst performing ETF closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing ETF.
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: | Contingent income autocallable securities
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| Underlying ETFs: | SPDR S&P Biotech ETF and Energy Select Sector SPDR Fund
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| Amount: | $446,000
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| Maturity: | Jan. 24, 2025
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| Coupon: | 11.25% annual rate, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically starting Jan. 22, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $84.97 for Biotech ETF, $84.30 for Energy Fund
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| Downside thresholds: | $50.982 for Biotech ETF, $50.58 for Energy Fund, 60% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.375%
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| Cusip: | 61775HLX3
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