New York, Dec. 29 – Morgan Stanley Finance LLC priced $2.09 million of contingent income buffered autocallable securities due Dec. 26, 2025 linked to the worst performing of the SPDR S&P Regional Banking ETF and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5%, paid monthly, if each underlying fund closes at or above its 85% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Dec. 23, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless either fund declines by more than its 15% buffer in which case investors will be exposed to the decline of the worst performing fund beyond the buffer.
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 buffered autocallable securities
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| Underlying ETFs: | SPDR S&P Regional Banking ETF and SPDR S&P Biotech ETF
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| Amount: | $2,085,000
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| Maturity: | Dec. 26, 2025
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| Coupon: | 8.5% annual rate, paid monthly, if each underlying fund closes at or above its 85% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par if the worst performing fund gains or loses no more than its 15% buffer, otherwise investors will be exposed to the decline in the worst performing fund beyond the buffer
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| Call: | Automatically starting Dec. 23, 2022 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $66.81 for SPDR S&P Regional Banking ETF, $115.79 for SPDR S&P Biotech ETF
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| Buffer levels: | 85% of initial levels
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| Coupon barrier: | $56.789 for SPDR S&P Regional Banking ETF, $98.422 for SPDR S&P Biotech ETF, 85% of the initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61773HMN6
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