New Issue: Morgan Stanley sells $665,000 contingent income autocalls on indexes, ETF

By Sarah Lizee

Olympia, Wash., Dec. 3 – Morgan Stanley Finance LLC priced $665,000 of contingent income autocallable securities due Aug. 24, 2023 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Utilities Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlier closes at or above its coupon threshold level, 70% of its initial level, on a monthly determination date, the notes will pay a contingent payment that month at an annualized rate of 6%.

After six months, the notes will be called at par plus the contingent coupon if each underlier closes at or above the initial share price on any monthly determination date other than the final determination date.

If each underlier closes at or above its 70% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the lesser performing index.

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 autocallable securities
Underliers:	S&P 500 index, Dow Jones industrial average and Utilities Select Sector SPDR fund
Amount:	$665,000
Maturity:	Aug. 24, 2023
Coupon:	6% per year, payable monthly if each underlier closes at or above coupon threshold level on determination date for that month
Price:	Par
Payout at maturity:	If each underlier closes at or above its downside threshold level, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the lesser performing index
Call:	After six months, at par plus contingent coupon if each underlier closes at or above initial level on any monthly determination date
Initial levels:	3,120.18 for S&P, 27,934.02 for Dow, $62.82 for ETF
Coupon thresholds:	2,184.126 for S&P, 19,553.814 for Dow, $43.974 for ETF, or 70% of initial levels
Downside thresholds:	2,184.126 for S&P, 19,553.814 for Dow, $43.974 for ETF, or 70% of initial levels
Pricing date:	Nov. 19
Settlement date:	Nov. 22
Agent:	Morgan Stanley & Co. LLC
Fees:	2.8%
Cusip:	61769HT39

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