By Taylor Fox
New York, Nov. 16 – Morgan Stanley Finance LLC priced $2.07 million of 0% jump securities with autocallable feature due Oct. 26, 2023 linked to the worst performing of the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 12.7% if each fund closes at or above its initial level on the first annual observation date or at or above 95% of its initial level on the second annual observation date.
If both funds finish above 90% of their initial values, investors will receive $1,381 per $1,000 of notes at maturity.
If the worst performing fund finishes between 70% and 90% of its initial level, investors will receive par.
Otherwise, investors will be fully exposed to the losses of the worst performer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying funds: | Financial Select Sector SPDR fund and SPDR S&P Regional Banking ETF
|
| Amount: | $2,070,000
|
| Maturity: | Oct. 26, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus an annual premium of 12.7% if each fund closes at or above its initial level on first annual observation date or at or above 95% of initial level on second annual observation date
|
| Payout at maturity: | $1,381 per $1,000 of notes if both funds finish above 90% of initial levels; par if worst performer finishes between 70% and 90% of initial level; otherwise full exposure to losses of worst performer
|
| Initial levels: | $25.25 for Financial Select and $42.59 for SPDR
|
| Downside threshold levels: | $17.675 for Financial Select and $29.813 for SPDR; 70% of initial levels
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61771EEC8
|
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