New York, Sept. 26 – Morgan Stanley Finance LLC priced $6.58 million of contingent income autocallable securities due Sept. 25, 2025 linked to the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.85%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date.
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 March 21, 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 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: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $6,576,000
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| Maturity: | Sept. 25, 2025
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| Coupon: | 10.85%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date
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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 the worst performer from its initial level
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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 March 21, 2023
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| Initial levels: | $23.83 for VanEck, $18.06 for iShares
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| Downside thresholds: | $14.298 for VanEck, $10.836 for iShares; 60% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61774HBV9
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