New Issue: Morgan Stanley prices $580,000 8% contingent income autocalls on sector funds

By Kiku Steinfeld

Chicago, April 18 – Morgan Stanley Finance LLC priced $580,000 of contingent income autocallable securities due March 30, 2023 linked to Financial Select Sector SPDR fund, Energy Select Sector SPDR fund and Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 8%, paid quarterly, if each underlying fund closes at or above its 75% coupon barrier on the related quarterly observation date.

The securities will be called automatically starting Dec. 30, 2021 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 70% 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
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying ETFs:	Financial Select Sector SPDR fund, Energy Select Sector SPDR fund and Industrial Select Sector SPDR fund
Amount:	$580,000
Maturity:	March 30, 2023
Coupon:	8%, paid quarterly, if each underlying fund closes at or above its 75% coupon barrier on the related quarterly observation date
Price:	Par
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
Call:	Automatically starting Dec. 30, 2021 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date
Initial levels:	$52.71 for Energy, $38.74 for Financial, $100.95 for Industrial
Coupon barriers:	$39.533 for Energy, $29.055 for Financial, $75.713 for Industrial, 75% of the initial levels
Downside thresholds:	$36.897 for Energy, $27.118 for Financial, $70.665 for Industrial, 70% of initial levels
Pricing date:	Sept. 27, 2021
Settlement date:	Sept. 30, 2021
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	61773FWZ2

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