New York, Dec. 21 – Morgan Stanley Finance LLC priced $4.38 million of 0% accelerated return securities due April 2, 2027 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the ETF is positive, the payout at maturity will be par plus 150% of the ETF return subject to a maximum return of par plus 120%.
Investors will receive par if the ETF declines but ends at or above its 80% trigger level and they will lose 1% for every 1% that the ETF declines if it finishes below the trigger level.
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: | Accelerated return securities
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| Underlying ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $4,382,000
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| Maturity: | April 2, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If return of ETF is positive, par plus 150% of ETF return subject to a maximum return of par plus 120%; if ETF declines but finishes at or above its downside threshold level, par; 1% loss for every 1% that ETF declines if it finishes below its downside threshold level
|
| Initial level: | $43.43
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| Upside leverage: | 150%
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| Cap: | 120%
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| Trigger level: | $34.744, 80% of initial level
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| Pricing date: | March 30
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| Settlement date: | April 4
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
|
| Cusip: | 61774XGF4
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