New Issue: Morgan Stanley prices $535,000 10.5% contingent income buffered autocalls on ETFs

By Kiku Steinfeld

Chicago, March 4 – Morgan Stanley Finance LLC priced $535,000 of contingent income buffered autocallable securities due Dec. 27, 2024 linked to SPDR S&P Biotech ETF, Utilities Select Sector SPDR Fund and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 10.5%, paid quarterly, if each underlying fund closes at or above its 70% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.

The securities will be called automatically starting Sept. 25, 2023 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 either fund declines by more than its 30% buffer in which case investors will be exposed to the decline of the worst performing fund beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income buffered autocallable securities
Underlying ETFs:	SPDR S&P Biotech ETF, Utilities Select Sector SPDR Fund and Energy Select Sector SPDR Fund
Amount:	$535,000
Maturity:	Dec. 27, 2024
Coupon:	10.5%, paid quarterly, if each underlying fund closes at or above its 70% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par if the worst performing fund gains or loses no more than its 30% buffer, otherwise investors will be exposed to the decline in the worst performing fund beyond the buffer
Call:	Automatically starting Sept. 25, 2023 at par if the price of each underlying fund is greater than or equal to its initial price on any quarterly call determination date
Initial levels:	$85.12 for SPDR S&P Biotech ETF, $77.36 for Energy Select Sector SPDR Fund, $65.03 for Utilities Select Sector SPDR Fund
Buffer:	30%
Buffer levels:	$59.584 for SPDR S&P Biotech ETF, $54.152 for Energy Select Sector SPDR Fund, $45.521 for Utilities Select Sector SPDR Fund, 70% of initial level
Coupon barriers:	$59.584 for SPDR S&P Biotech ETF, $54.152 for Energy Select Sector SPDR Fund, $45.521 for Utilities Select Sector SPDR Fund, 70% of initial levels
Pricing date:	June 23, 2023
Settlement date:	June 28, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.65%
Cusip:	61775HBV8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.