New York, March 27 – Morgan Stanley Finance LLC priced $10 million of contingent income buffered autocallable securities due Feb. 5, 2024 linked to SPDR S&P 500 ETF Trust ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.55%, paid monthly, if the underlying fund closes at or above its 87% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Feb. 28 at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the fund declines by more than its 13% buffer in which case investors will be exposed to the decline of the fund beyond the buffer.
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 buffered autocallable securities
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| Underlying ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | Feb. 5, 2024
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| Coupon: | 11.55%, paid monthly, if the underlying fund closes at or above its 87% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if the fund gains or loses no more than its 13% buffer, otherwise investors will be exposed to the decline in the fund beyond the buffer
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| Call: | Automatically starting Feb. 28 at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date
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| Initial level: | $400.59
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| Buffer: | 13%
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| Coupon barrier: | $348.513, 87% of initial level
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 61774TWY4
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