New York, Sept. 27 – Morgan Stanley Finance LLC priced $5 million of callable contingent income securities due Sept. 23, 2026 linked to the SPDR S&P Biotech ETF, the SPDR S&P Regional Banking ETF and the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date.
The securities may be called at par on any quarterly call date.
At maturity, the payout will be par unless the worst performing fund finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing fund.
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: | Callable contingent income securities
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| Underlying ETFs: | SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF and VanEck Gold Miners ETF
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| Amount: | $5 million
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| Maturity: | Sept. 23, 2026
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| Coupon: | 15.25%, paid monthly, if each underlying fund closes at or above its 60% downside threshold on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing fund finishes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying fund
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| Call option: | At par on any quarterly call date
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| Initial levels: | $29.75 for VanEck Gold Miners ETF, $42.51 for SPDR S&P Regional Banking ETF, $75.95 for SPDR S&P Biotech ETF
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| Downside thresholds: | $17.85 for VanEck Gold Miners ETF, $25.506 for SPDR S&P Regional Banking ETF, $45.57 for SPDR S&P Biotech ETF, 60% of initial levels
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| Strike date: | Sept. 18
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61775H6E2
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