Published on 5/24/2022 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.21 million contingent income buffered autocalls on two SPDR ETFs
New York, May 24 – Morgan Stanley Finance LLC priced $1.21 million of contingent income buffered autocallable securities due Oct. 30, 2025 linked to the SPDR S&P Regional Banking ETF and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, 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 at par if the price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting Oct. 31, 2022.
At maturity, the payout will be par unless any fund declines by more than 15%, 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: | $1,209,000
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| Maturity: | Oct. 30, 2025
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| Coupon: | 8%, 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 finishes at or above its 85% buffer, otherwise investors will be exposed to the decline in the worst performing fund beyond the buffer
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| Call: | Automatically, starting Oct. 31, 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: | $72.43 for SPDR S&P Regional Banking ETF, $124.01 for SPDR S&P Biotech ETF
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| Buffer: | 15%
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| Coupon barrier: | $61.566 for SPDR S&P Regional Banking ETF, $105.409 for SPDR S&P Biotech ETF, 85% of the initial levels
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61773F4P5
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