By Kiku Steinfeld
Chicago, Sept. 25 – Morgan Stanley Finance LLC priced $500,000 of contingent income buffered autocallable securities due March 18, 2025 linked to common stocks of Bank of America Corp. and JPMorgan Chase & Co. common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.25%, paid quarterly, if each underlying stock closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities will be called automatically at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless either stock declines by more than its 25% buffer in which case investors will be exposed to the decline of the worst performing stock beyond the buffer.
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: | Contingent income buffered autocallable securities
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| Underlying stocks: | Bank of America Corp. and JPMorgan Chase & Co.
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| Amount: | $500,000
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| Maturity: | March 18, 2025
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| Coupon: | 14.25%, paid quarterly, if each underlying stock closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing stock gains or loses no more than its 25% buffer, otherwise investors will be exposed to the decline in the worst performing stock beyond the buffer
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| Call: | Automatically if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $28.51 for Bank of America, $131.25 for JPMorgan Chase
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| Coupon barriers/buffers: | $21.383 for Bank of America, $98.438 for JPMorgan Chase, 75% of initial levels
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| Pricing date: | March 14, 2023
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| Settlement date: | March 17, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.4%
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| Cusip: | 61774XBG7
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