Chicago, Feb. 13 – Morgan Stanley Finance LLC priced $725,000 of buffered phoenix autocallable securities due May 29, 2026 linked to common stock of Enphase Energy, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.25% if the underlying stock closes at or above its 50% coupon barrier on the related quarterly observation date, plus any previously unpaid contingent coupons.
The securities will be called automatically at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly review date.
At maturity the payout will be par unless the stock declines by more than its 50% buffer, in which case investors will lose 2% for each 1% decline beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Buffered phoenix autocallable securities
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| Underlying stock: | Enphase Energy, Inc.
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| Amount: | $725,000
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| Maturity: | May 29, 2026
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| Coupon: | 14.25% annual rate, if the underlying stock closes at or above its 50% coupon barrier on the related quarterly observation date, plus any previously unpaid contingent coupons
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| Price: | Par
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| Payout at maturity: | Par if the stock gains or loses no more than its 50% buffer, otherwise investors will lose 2% for each 1% decline beyond the buffer
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| Call: | Automatically at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly review date
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| Initial level: | $165.20
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| Buffer: | $82.60, 50% of initial level
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| Coupon barrier: | $82.60, 50% of initial level
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| Pricing date: | May 26, 2023
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| Settlement date: | June 1, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 2%
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| Cusip: | 78016NDY0
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