New Issue: Morgan Stanley sells $2.05 million contingent market-linked autocalls on four SPDR ETFs

By William Gullotti

Buffalo, N.Y., April 11 – Morgan Stanley Finance LLC priced $2.05 million of market-linked securities – autocallable with contingent coupon and contingent downside due April 10, 2025 linked to the performance of the Financial Select Sector SPDR Fund, the Energy Select Sector SPDR Fund, the Technology Select Sector SPDR Fund and the Consumer Staples Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will pay a contingent quarterly interest payment at the rate of 12.25% per year if each ETF closes at or above the coupon barrier level, 70% of the initial share level, on the observation date for that period.

The notes will be called at par plus an interest payment if each ETF closes at or above the initial level on any quarterly call observation date.

The payout at maturity will be par plus the final coupon if each ETF finishes at or above its coupon barrier.

If the worst performer finishes below its coupon barrier but at or above its respective downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.

Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the agents.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Market linked securities – autocallable with contingent coupon and contingent downside
Underlying funds:	Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund, Technology Select Sector SPDR Fund, Consumer Staples Select Sector SPDR Fund
Amount:	$2,052,000
Maturity:	April 10, 2025
Coupon:	12.25% annual rate, payable quarterly if all funds close at or above their coupon barrier levels on the relevant observation date
Price:	Par
Payout at maturity:	Par plus final coupon if each ETF finishes at or above its coupon barrier; if worst performer finishes below coupon barrier but not below downside threshold, par; otherwise, 1% loss for every 1% decline of worst performer from its initial level
Call:	At par plus coupon if each ETF closes at or above its initial level on any quarterly call observation date
Initial levels:	$37.55 for Financial, $76.40 for Energy, $154.33 for Technology, $77.45 for Consumer
Coupon barriers:	$26.285 for Financial, $53.48 for Energy, $108.031 for Technology, $54.215 for Consumer; 70% of initial levels
Downside thresholds:	$22.53 for Financial, $45.84 for Energy, $92.598 for Technology, $46.47 for Consumer; 60% of initial levels
Pricing date:	April 6
Settlement date:	April 11
Agents:	Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Fees:	2.125%
Cusip:	61773QD48

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