New York, July 3 – Morgan Stanley Finance LLC priced $3.83 million of jump securities with autocallable feature due July 2, 2026 linked to the Dow Jones industrial average and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus a 17.5% annualized call premium if each asset closes at or above its call level on any quarterly call determination date starting Dec. 28, 2023. Call level starts at 100% of initial level, stepping down by 5% on the fourth and eighth determination dates.
At maturity, the payout will be par plus 52.5% if the worst performing underlier finishes at or above 90% of its initial level.
Investors will receive par if the worst performer declines by more than 10% but no more than 20% and will be fully exposed to the decline of the worst performer if it declines by more than 20%.
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: | Jump securities with autocallable feature
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| Underlying assets: | Dow Jones industrial average and Energy Select Sector SPDR Fund
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| Amount: | $3,826,000
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| Maturity: | July 2, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 52.5% if worst performing asset finishes at or above 90% of initial level; par if worst performing asset declines by more than 10% but finishes at or above its 80% trigger level; otherwise, full exposure to decline of worst performing asset from initial level
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| Call: | Automatically at par plus a 17.5% annualized call premium if each asset closes at or above its call level on any quarterly call determination date starting Dec. 28, 2023; call level starts at 100% of initial level, stepping down by 5% on the fourth and eighth determination dates.
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| Initial levels: | 33,852.66 for Dow Jones industrial average, $79.73 for Energy Select Sector SPDR Fund
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| Downside thresholds: | 27,082.128 for Dow Jones industrial average, $63.784 for Energy Select Sector SPDR Fund, 80% of initial levels
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61775HCQ8
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