New York, Feb. 27 – Morgan Stanley Finance LLC priced $3.57 million of contingent income autocallable securities due May 23, 2025 linked to the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.15%, paid monthly, if each underlying fund closes at or above its 75% downside threshold on the related monthly observation date.
The securities will be called automatically at par if the worst performing fund closes at or above its initial level on any monthly call determination date starting Aug. 23, 2024.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its downside threshold on any trading day during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level.
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: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $3,572,000
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| Maturity: | May 23, 2025
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| Coupon: | 7.15%, paid monthly, if each underlying fund closes at or above its 75% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either ETF closes below its downside threshold on any trading day during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level
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| Call: | Automatically at par if the worst performing fund closes at or above its initial level on any monthly call determination date starting Aug. 23, 2024
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| Initial levels: | $427.32 for Invesco QQQ Trust, $496.76 for SPDR S&P 500 ETF Trust
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| Downside thresholds: | $320.49 for Invesco QQQ Trust, $372.57 for SPDR S&P 500 ETF Trust, 75% of initial levels
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61771WYP7
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