By Kiku Steinfeld
Chicago, Jan. 5 – Morgan Stanley Finance LLC priced $470,000 of contingent income autocallable securities due Jan. 5, 2024 linked to the least performing of the Financial Select Sector SPDR fund and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 10.2% per year if each underlier closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any coupon due unless any underlier finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying underliers: | Financial Select Sector SPDR fund, Euro Stoxx Banks index
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| Amount: | $470,000
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| Maturity: | Jan. 5, 2024
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| Coupon: | 10.2% per year, payable quarterly if each underlier closes at or above barrier level on determination date for that quarter
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| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any underlier finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level
|
| Call: | Automatically at par if each underlier closes at or above initial level on any quarterly determination date
|
| Initial underlier levels: | 74.52 for Stoxx Banks, $28.99 for ETF
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| Coupon barrier levels: | 55.89 for Stoxx Banks, $21.743 for ETF; 75% of initial levels
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| Downside thresholds: | 55.89 for Stoxx Banks, $21.743 for ETF; 75% of initial levels
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| Pricing date: | Dec. 29
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| Settlement date: | Dec. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771EWJ3
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