New York, May 10 – Morgan Stanley Finance LLC priced $5.54 million of jump securities with autocallable feature due April 30, 2027 linked to the Financial Select Sector SPDR Fund and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting May 1, 2023 at a price to give a return of 18.8% per year 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 plus 94% if the worst performing underlier finishes at or above its initial level.
The payout will be par if the worst performing ETF declines but finishes above its 70% trigger level and investors will be fully exposed to the decline of the worst performing ETF if it finishes below its 70% trigger level.
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: | Jump securities with autocallable feature
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| Underlying ETFs: | Financial Select Sector SPDR Fund and Energy Select Sector SPDR Fund
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| Amount: | $5.54 million
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| Maturity: | April 30, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 94% if worst performing ETF finishes at or above its initial level; par if worst performing ETF declines but finishes above its 70% trigger level; otherwise full exposure to decline of worst performing ETF
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| Call: | Automatically starting May 1, 2023 at a price to give a return of 18.8% per year 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: | $74.86 for Energy Select Sector SPDR Fund, $35.29 for Financial Select Sector SPDR Fund
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| Downside thresholds: | $52.402 for Energy Select Sector SPDR Fund, $24.703 for Financial Select Sector SPDR Fund, 70% of initial level
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61773Q5A3
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