New York, May 25 – Morgan Stanley Finance LLC priced $4.93 million of 0% PLUS due May 14, 2025 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 400% of the ETF return, subject to a maximum return of par plus 57.3%.
Investors will be fully exposed to any ETF decline.
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: | PLUS
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| Underlying ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $4.93 million
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| Maturity: | May 14, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If ETF return is positive, par plus 400% of ETF return, subject to a maximum return of par plus 57.3%; otherwise, 1% loss for every 1% that ETF declines from initial level
|
| Initial level: | $37.42
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| Upside leverage: | 400%
|
| Cap: | 57.3%
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| Pricing date: | May 9
|
| Settlement date: | May 12
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61774XL43
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