By Kiku Steinfeld
Chicago, Oct. 21 – Morgan Stanley Finance LLC priced $250,000 of jump securities with autocallable feature due Feb. 23, 2026 linked to Financial Select Sector SPDR Fund and Communication Services Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting Feb. 22, 2023 at a price to give a return of 9% per year if the price of each underlying fund is greater than or equal to its initial price on any annual call determination date.
At maturity the payout will be par plus 36% if the worst performing underlier finishes 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 Communication Services Select Sector SPDR Fund
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| Amount: | $250,000
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| Maturity: | Feb. 23, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 36% if worst performing ETF finishes 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 Feb. 22, 2023 at a price to give a return of 9% per year if the price of each underlying fund is greater than or equal to its initial price on any annual call determination date
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| Initial levels: | $67.41 for Communication, $39.22 for Financial
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| Downside thresholds: | $47.187 for Communication, $27.454 for Financial, 70% of initial levels
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| Pricing date: | Feb. 18
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| Settlement date: | Feb. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773H2V0
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