By Taylor Fox
New York, March 25 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due March 17, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Semiannually, the notes will pay a contingent coupon at an annual rate of 9.76% if the index closes at or above its coupon barrier, 80% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if the index closes above its initial level on any semiannual redemption date.
The payout at maturity will be par unless the index finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses of the index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying index: | S&P 500 index
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| Amount: | $1 million
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| Maturity: | March 17, 2026
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| Coupon: | 9.76% per year, payable semiannually that index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If final index level is greater than or equal to downside threshold level, par; otherwise, full exposure to index’s decline
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| Call: | Par plus contingent coupon if index closes above its initial level on any semiannual redemption date
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| Initial index level: | 3,943.34
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| Coupon barrier level: | 3,154.672, 80% of initial index level
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| Downside threshold level: | 2,957.505, 75% of initial index level
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| Pricing date: | March 12
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| Settlement date: | March 17
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61771VJB7
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