New York, Aug. 22 – Morgan Stanley Finance LLC priced $5.02 million of callable contingent income securities due Aug. 13, 2026 linked to Real Estate Select Sector SPDR Fund, Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.3%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date.
The securities may be called starting Nov. 15 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing fund closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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: | Callable contingent income securities
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| Underlying ETFs: | Real Estate Select Sector SPDR Fund, Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF
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| Amount: | $5.02 million
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| Maturity: | Aug. 13, 2026
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| Coupon: | 14.3%, 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 fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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| Call: | Starting Nov. 15 at par on any quarterly call date
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| Initial levels: | $79.94 for SPDR S&P Biotech ETF, $88.54 for Energy Select Sector SPDR Fund, $37.32 for Real Estate Select Sector SPDR Fund
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| Downside thresholds: | $47.964 for SPDR S&P Biotech ETF, $53.124 for Energy Select Sector SPDR Fund, $22.392 for Real Estate Select Sector SPDR Fund, 60% of initial levels
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61775HC62
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