New York, Dec. 17 – Morgan Stanley Finance LLC priced $3.57 million of contingent income autocallable securities due Dec. 13, 2024 linked to the Financial Select Sector SPDR Fund, the Energy Select Sector SPDR Fund and the Industrial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.8%, paid quarterly, if each underlying fund closes at or above its downside threshold on the related quarterly observation date.
The securities will be called automatically starting March 15, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing fund closes below its 65% 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: | Contingent income autocallable securities
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| Underlying ETFs: | Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund and Industrial Select Sector SPDR Fund
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| Amount: | $3,566,000
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| Maturity: | Dec. 13, 2024
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| Coupon: | 8.8%, paid quarterly, if each underlying fund closes at or above its downside threshold on the related quarterly observation date
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| Price: | Par of $10
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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: | Automatically starting March 15, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $57.24 for Energy Select Sector SPDR Fund, $39.05 for Financial Select Sector SPDR Fund, $105.35 for Industrial Select Sector SPDR Fund
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| Downside thresholds: | $37.206 for Energy Select Sector SPDR Fund, $25.383 for Financial Select Sector SPDR Fund, $68.478 for Industrial Select Sector SPDR Fund, 65% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5% including a structuring fee of 0.5%
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| Cusip: | 61773N296
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