New York, Dec. 3 – Morgan Stanley Finance LLC priced $2.01 million of contingent income auto-callable securities due May 26, 2023 linked to Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlying fund closes at or above its downside threshold on the related quarterly observation date.
The securities will be called automatically starting May 23, 2022 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 fund closes below its 70% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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 auto-callable securities
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Underlying ETFs: | Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF
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Amount: | $2,012,000
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Maturity: | May 26, 2023
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Coupon: | 10%, paid quarterly, if each underlying fund closes at or above its 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 fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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Call: | Automatically starting May 23, 2022 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: | $119.38 for SPDR S&P Biotech ETF, $57.35 for Energy Select Sector SPDR Fund
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Downside thresholds: | $83.566 for SPDR S&P Biotech ETF, $40.145 for Energy Select Sector SPDR Fund, 70% of initial levels
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Pricing date: | Nov. 23
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Settlement date: | Nov. 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61773HBK4
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