New York, June 6 – Morgan Stanley Finance LLC priced $677,000 of contingent income autocallable securities due Dec. 5, 2024 linked to the SPDR S&P Biotech ETF and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.5%, paid monthly, if each underlying fund closes at or above its 60% coupon barrier on the related monthly observation date.
The securities will be called automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting Nov. 30, 2023.
At maturity, the payout will be par unless the worst performing ETF finishes below its 55% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF.
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 autocallable securities
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| Underlying ETFs: | SPDR S&P Biotech ETF and Energy Select Sector SPDR Fund
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| Amount: | $677,000
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| Maturity: | Dec. 5, 2024
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| Coupon: | 13.5%, paid monthly, if each underlying fund closes at or above its 60% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing ETF finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing ETF
|
| Call: | Automatically at par if the closing price of each underlying fund is greater than or equal to its initial price on any monthly call determination date starting Nov. 30, 2023
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| Initial levels: | $83.14 for SPDR S&P Biotech ETF, $77.96 for Energy Select Sector SPDR Fund
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| Downside thresholds: | $45.727 for SPDR S&P Biotech ETF, $42.878 for Energy Select Sector SPDR Fund, 55% of initial level
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| Coupon barriers: | $49.884 for SPDR S&P Biotech ETF, $46.776 for Energy Select Sector SPDR Fund, 60% of initial levels
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| Pricing date: | May 30
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| Settlement date: | June 2
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.375%
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| Cusip: | 61774XU27
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