New York, April 25 – Morgan Stanley Finance LLC priced $2.08 million of contingent income autocallable securities due April 24, 2025 linked to the SPDR Gold Trust, the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.3%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if each ETF closes at or above its initial level on any quarterly call determination date starting Oct. 25, 2023.
At maturity, the payout will be par unless the worst performing ETF finishes below its 60% downside threshold level, in which case investors will be fully exposed to the decline of that 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: | SPDR Gold Trust, iShares Silver Trust and VanEck Vectors Gold Miners ETF
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| Amount: | $2,084,000
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| Maturity: | April 24, 2025
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| Coupon: | 10.3%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date, plus any previously unpaid coupons
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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 of that ETF
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| Call: | Automatically at par if each ETF closes at or above its initial level on any quarterly call determination date starting Oct. 25, 2023
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| Initial levels: | $186.09 for SPDR Gold, $23.17 for iShares Silver, $34.06 for VanEck
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| Downside thresholds: | 60% of initial levels
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61774XQR7
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