By Sarah Lizee
Olympia, Wash., May 5 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due May 3, 2023 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If the ETF closes at or above the downside threshold price, 60% of the initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9%.
The notes will be called at par plus the contingent coupon if the ETF closes at or above the initial level on any quarterly determination date after six months.
If the final level is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
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 ETF: | SPDR S&P Biotech ETF
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| Amount: | $250,000
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| Maturity: | May 3, 2023
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| Coupon: | 9% per year, payable quarterly if ETF closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If final level is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final level is less than initial level
|
| Call: | At par plus contingent coupon if ETF closes at or above initial level on any quarterly determination date after six months
|
| Initial level: | $95.27
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| Downside threshold: | $57.162, 60% of initial level
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| Pricing date: | April 28
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| Settlement date: | April 30
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
|
| Cusip: | 61770FV78
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