New York, March 7 – Morgan Stanley Finance LLC priced $1.41 million of callable contingent income securities due March 5, 2025 linked to the iShares Biotechnology ETF, the Financial Select Sector SPDR Fund and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlying fund closes at or above its 50% downside threshold on the related quarterly observation date.
The securities may be called at par on any quarterly call date.
At maturity, the payout will be par unless the worst performing fund finishes below its 50% 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: | Callable contingent income securities
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| Underlying ETFs: | iShares Biotechnology ETF, Financial Select Sector SPDR Fund and Energy Select Sector SPDR Fund
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| Amount: | $1.41 million
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| Maturity: | March 5, 2025
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| Coupon: | 10%, paid quarterly, if each underlying fund closes at or above its 50% 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 option: | At par on any quarterly call date
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| Initial levels: | $127.19 for iShares Biotechnology ETF, $83.69 for Energy Select Sector SPDR Fund, $35.72 for Financial Select Sector SPDR Fund
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| Downside thresholds: | $63.595 for iShares Biotechnology ETF, $41.845 for Energy Select Sector SPDR Fund, $17.86 for Financial Select Sector SPDR Fund, 50% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61774TY48
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