By Kiku Steinfeld
Chicago, April 10 – Morgan Stanley Finance LLC priced $873,000 of contingent income buffered autocallable securities due Jan. 9, 2025 linked to common stock of Snowflake Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17.25%, paid monthly, if the underlying stock closes at or above its 60% coupon barrier on the related monthly observation date.
The securities will be called automatically starting Oct. 11, 2023 at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the stock declines by more than its 25% buffer in which case investors will be exposed to the decline of the stock 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 stock: | Snowflake Inc.
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| Amount: | $873,000
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| Maturity: | Jan. 9, 2025
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| Coupon: | 17.25%, paid monthly, if the underlying stock closes at or above its 60% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | Par if the stock gains or loses no more than its 25% buffer, otherwise investors will be exposed to the decline in the stock beyond the buffer
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| Call: | Automatically starting Oct. 11, 2023 at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly call determination date
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| Initial level: | $172.55
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| Buffer: | 25%
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| Coupon barrier: | $103.53, 60% of initial level
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| Pricing date: | July 5, 2023
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| Settlement date: | July 10, 2023
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.375%
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| Cusip: | 61775HCC9
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