New York, March 27 – Morgan Stanley Finance LLC priced $5 million of contingent income autocallable securities due March 20, 2025 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a contingent coupon of 19% per year, paid quarterly, if the ETF closes at or above its 80% downside threshold level on the relevant observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date starting March 18, 2024.
At maturity, the payout will be par unless the ETF finishes below its 80% downside threshold level, in which case investors will be fully exposed to the decline of the ETF.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| 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 ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $5 million
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| Maturity: | March 20, 2025
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| Coupon: | 19% per year, paid quarterly if the ETF closes at or above downside threshold level on the relevant observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the ETF
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| Call: | Automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date starting March 18, 2024
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| Initial level: | $43.44
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| Downside threshold: | $34.752, 80% of initial level
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| Strike date: | March 17
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| Pricing date: | March 20
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| Settlement date: | March 23
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| Agent: | Morgan Stanley & Co. LLC
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| Distributor: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 61774XDW0
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