By Wendy Van Sickle
Columbus, Ohio, March 13 – Morgan Stanley Finance LLC priced $1.7 million of 0% accelerated return securities due July 7, 2023 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the final average index value of each underlying index is greater than or equal to 120% of its initial index value, the payout at maturity will be par plus 3.027 times the gain of the lesser-performing index, all plus 40%, up to the maximum payment of 203.567% of par.
If the final average index value of either underlying index is less than 120% of its initial index value but the final average index value of neither underlying index is less than its initial index value, the payout will be par plus 1.5 times the gain of the lesser performing index, all plus 10%.
If the final average index value of either underlying index is less than its initial index value but the final average index value of neither underlying index is less than 95% of its initial index value, the payout will be par plus 2% for every 1% that the final average index value of the worst performing underlying index exceeds 95% of its initial value.
Investors will be exposed to any decline of the laggard index beyond 5%.
Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Accelerated return securities
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1.7 million
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| Maturity: | July 7, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final average index value of each index is greater than or equal to 120% of its initial index value, par plus 3.027 times gain of lesser performing index, all plus 40%, up to maximum payment of 203.567% of par; if final average index value of either index is less than 120% of its initial index value but not less than its initial value, par plus 1.5 times gain of the lesser performing index, all plus 10%; if final average value of either underlying index is less than initial value but not less than 95% of initial index value, par plus 2% for every 1% that the final average index value of the worst performing underlying index exceeds 95% of its initial value; exposure to any decline of laggard index beyond 5%
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| Averaging dates: | Each business day on which no market disruption event occurs from April 2023 through July 3, 2023
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| Initial levels: | 2,726.8 for S&P, 1,574.533 for Russell
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| Trigger levels: | 2,590.46 for S&P, 1,495.806 for Russell, 95% of initial level
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| Pricing date: | March 7
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| Settlement date: | March 12
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61768CK71
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