By Kiku Steinfeld
Chicago, Dec. 16 – Morgan Stanley Finance LLC priced $782,000 of contingent income autocallable securities due Oct. 23, 2023 linked to the S&P 500 index and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid quarterly, if each underlier closes at or above its 70% downside threshold on the related quarterly observation date.
The securities will be called automatically starting July 21 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing asset closes below its 70% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.
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 autocallable securities
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| Underlying assets: | S&P 500 index and SPDR S&P Regional Banking ETF
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| Amount: | $782,000
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| Maturity: | Oct. 23, 2023
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| Coupon: | 12%, paid quarterly, if each underlier closes at or above its 70% 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 asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
|
| Call: | Automatically starting July 21 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $64.91 for ETF, 4,391.69 for S&P
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| Downside thresholds: | $45.437 for ETF, 3,074.183 for S&P, 70% of initial level
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| Pricing date: | April 18
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| Settlement date: | April 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61773QXJ3
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