New York, July 31 – Morgan Stanley Finance LLC priced $1 million of callable contingent income securities due July 24, 2025 linked to Materials Select Sector SPDR Fund, iShares Russell 2000 ETF and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.6%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date.
The securities may be called starting Oct. 25 at par on any quarterly call determination date.
At maturity the payout will be par unless the worst performing fund closes 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: | Materials Select Sector SPDR Fund, iShares Russell 2000 ETF and Energy Select Sector SPDR Fund
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| Amount: | $1 million
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| Maturity: | July 24, 2025
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| Coupon: | 10.6%, paid quarterly, if each underlying fund closes at or above its 60% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing fund closes 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: | Starting Oct. 25 at par on any quarterly call determination date
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| Initial levels: | $195.08 for iShares Russell 2000 ETF, $83.74 for Materials Select Sector SPDR Fund, $83.56 for Energy Select Sector SPDR Fund
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| Downside thresholds: | $117.048 for iShares Russell 2000 ETF, $50.244 for Materials Select Sector SPDR Fund, $50.136 for Energy Select Sector SPDR Fund, 60% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.85%
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| Cusip: | 61775HNC7
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