By Kiku Steinfeld
Chicago, Oct. 23 – Morgan Stanley Finance LLC priced $650,000 of 0% autocallable securities with upside participation feature due March 31, 2028 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus a 12.05% annualized premium if the index closes at or above its initial level on any annual determination date.
If the index finishes at or above its initial level, the payout at maturity will be par plus the greater of 25% and the index return. If the index falls, but not below the 75% downside threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for each 1% decline.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Autocallable securities with upside participation feature
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| Underlying index: | Russell 2000
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| Amount: | $650,000
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| Maturity: | March 31, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index finishes at or above its initial level, par plus greater of index return and 25%; par if index falls but not below 75% downside threshold level; otherwise, investors will lose 1% for each 1% decline of index
|
| Call: | Automatically at par plus 12.05% annualized premium if index closes at or above its initial level on any annual determination date
|
| Initial level: | 1,752.632
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| Downside threshold: | 1,314.474, 75% of initial level
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| Pricing date: | March 28, 2023
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| Settlement date: | March 31, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.35%
|
| Cusip: | 61774XFE8
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