New York, April 3 – Morgan Stanley Finance LLC priced $2.23 million of contingent income autocallable securities due March 26, 2026 linked to the Energy Select Sector SPDR Fund and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.75%, paid monthly, if each underlying fund closes at or above its 70% downside threshold on the related monthly observation date.
The securities will be called automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting Sept. 25, 2023.
At maturity, the payout will be par unless the worst performing ETF finishes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
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: | Energy Select Sector SPDR Fund and Financial Select Sector SPDR Fund
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| Amount: | $2,225,000
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| Maturity: | March 26, 2026
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| Coupon: | 12.75%, paid monthly, if each underlying fund closes at or above its 70% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting Sept. 25, 2023
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| Initial levels: | $77.59 for Energy Select Sector SPDR Fund, $31.01 for Financial Select Sector SPDR Fund
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| Downside thresholds: | $54.313 for Energy Select Sector SPDR Fund, $21.707 for Financial Select Sector SPDR Fund, 70% of initial level
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| Strike date: | March 23
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| Pricing date: | March 24
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| Settlement date: | March 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61774XFX6
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