New York, May 24 – Morgan Stanley Finance LLC priced $1.62 million of contingent income autocallable securities due May 1, 2023 linked to the Energy Select Sector SPDR Fund and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.5%, paid quarterly, if each underlying fund closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically at par if the closing price of each underlying fund is greater than or equal to its initial price, starting April 26, 2022 on any quarterly call determination date.
At maturity, the payout will be par unless the worst performing fund finishes 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 autocallable securities
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| Underlying ETFs: | Energy Select Sector SPDR Fund and SPDR S&P Biotech ETF
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| Amount: | $1.62 million
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| Maturity: | May 1, 2023
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| Coupon: | 9.5%, paid quarterly, if each underlying fund closes at or above its 70% 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 finishes 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 at par if the closing price of each underlying fund is greater than or equal to its initial price, starting April 26, 2022 on any quarterly call determination date
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| Initial levels: | $124.01 for SPDR S&P Biotech ETF, $59.14 for Energy Select Sector SPDR Fund
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| Downside thresholds: | $86.807 for SPDR S&P Biotech ETF, $41.398 for Energy Select Sector SPDR Fund, 70% of initial levels
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61773FT94
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