New Issue: Morgan Stanley prices $1.36 million 12% contingent income autocalls on index, ETFs

By Kiku Steinfeld

Chicago, Oct. 21 – Morgan Stanley Finance LLC priced $1.36 million of contingent income autocallable securities due Aug. 23, 2023 linked to the Nasdaq-100 index, SPDR S&P Biotech ETF and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 12%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.

The securities will be called automatically starting Nov. 18, 2022 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 60% 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
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying assets:	Nasdaq-100 index, SPDR S&P Biotech ETF and Energy Select Sector SPDR Fund
Amount:	$1.36 million
Maturity:	Aug. 23, 2023
Coupon:	12%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
Price:	Par
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 Nov. 18, 2022 at par if the level of each underlier is greater than or equal to its initial price on any quarterly call determination date
Initial levels:	14,009.54 for Nasdaq, $89.39 for Biotech ETF, $68.05 for Energy Fund
Downside thresholds:	8,405.724 for Nasdaq, $53.634 for SPDR S&P Biotech, $40.83 for Energy Fund, 60% of initial levels
Coupon barriers:	9,806.678 for Nasdaq, $62.573 for Biotech ETF, $47.635 for Energy Fund, 70% of initial levels
Pricing date:	Feb. 18
Settlement date:	Feb. 24
Agent:	Morgan Stanley & Co. LLC
Fees:	0%
Cusip:	61773QBN8

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