Chicago, April 19 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due Jan. 22, 2027 linked to the worst performing of the Communication Services Select Sector SPDR Fund, Consumer Discretionary Select Sector SPDR Fund and iShares U.S. Real Estate ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.75%, paid monthly, if each underlying fund closes at or above its 70% downside threshold on the related monthly observation date.
The securities will be called automatically starting July 24, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing ETF closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing 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: | Communication Services Select Sector SPDR Fund, Consumer Discretionary Select Sector SPDR Fund and iShares U.S. Real Estate ETF
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| Amount: | $500,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 8.75% annual rate, paid monthly, if each underlying fund closes at or above its 70% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing ETF
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| Call: | Automatically starting July 24, 2024 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $88.32 for real estate, $74.83 for communication, $174.89 for consumer
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| Downside thresholds: | $61.824 for real estate, $52.381 for communication, $122.423 for consumer, 70% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771WPG7
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