By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Morgan Stanley Finance LLC priced $2.22 million of 0% jump securities with autocallable feature due Dec. 27, 2023 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 10.5% per year if each asset closes at or above its initial level, on any annual determination date.
If the notes are not called and the final level of each asset is greater than or equal to its call threshold level, the payout at maturity will be par plus 42%.
If the final level of either asset is less than its call threshold level but the final level of each asset is greater than or equal to its downside threshold, 60% of its initial level, the payout will be par.
If the final level of either asset is less than its downside threshold, investors will lose 1% for every 1% that the lesser-performing asset declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying assets: | S&P 500 and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2,224,000
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| Maturity: | Dec. 27, 2023
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| Coupon: | 0%
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| Price: | Par
|
| Payout at maturity: | If final level of each asset is greater than or equal to its call threshold level, par plus 42%; if final level of either asset is less than its call threshold level but final level of each asset is greater than or equal to its downside threshold, par; otherwise, 1% loss for every 1% decline of lesser-performing asset
|
| Call: | Automatically at par plus 10.5% per year if each asset closes at or above initial threshold level on any annual determination date
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| Initial levels: | $23.40 for ETF, 3,205.37 for S&P
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| Downside threshold levels: | $14.04 for ETF, 1,923.222 for S&P; 60% of initial levels
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61769H5N1
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