Chicago, Dec. 12 – Morgan Stanley Finance LLC priced $961,000 of contingent income buffered autocallable securities due May 13, 2026 linked to the worst performing of the iShares Silver Trust and VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.35%, paid monthly, if the worst performing underlying fund closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically starting May 13, 2024 at par on any monthly call determination date if both ETFs close above their initial levels.
At maturity the payout will be par unless the worst performing fund declines by more than its 20% buffer in which case investors will be exposed to the decline of the worst performer beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underlying ETFs: | iShares Silver Trust and VanEck Vectors Gold Miners ETF
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| Amount: | $961,000
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| Maturity: | May 13, 2026
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| Coupon: | 11.35%, paid monthly, if the worst performing fund closes at or above its 80% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | Par if the worst performer gains or loses no more than its 20% buffer, otherwise investors will be exposed to the decline in the worst performer beyond the buffer
|
| Call: | Automatically starting May 13, 2024 at par on any monthly call determination date if both ETFs close above initial levels
|
| Initial levels: | $23.49 for silver, $35.36 for gold
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| Coupon barrier levels: | $18.792 for silver, $28.288 for gold; 80% of initial levels
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| Buffer levels: | $18.792 for silver, $28.288 for gold; 80% of initial levels
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| Buffer: | 20%
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| Pricing date: | May 8, 2023
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| Settlement date: | May 11, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.25%
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| Cusip: | 61774XWL3
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