By Wendy Van Sickle
Columbus, Ohio, Feb. 18 – Morgan Stanley Finance LLC priced $495,000 of 0% review notes due Feb. 8, 2023 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus a call premium of 11.6% if the ETF closes at or above its initial level on Feb. 18, 2022.
If the notes are not called and the ETF finishes above its initial level, the payout at maturity will be par plus the ETF return. If the ETF falls by up to 15%, the payout will be par. Otherwise, investors will lose 1.1765% for each 1% that the ETF declines from the initial level.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Review notes
|
| Underlying ETF: | iShares MSCI Emerging Markets ETF
|
| Amount: | $495,000
|
| Maturity: | Feb. 8, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any ETF gain; par if the ETF falls by up to 15%; otherwise, 1.1765% loss for each 1% ETF decline from initial level
|
| Call: | Automatically at par plus 11.6% if the ETF closes at or above its initial level on Feb. 18, 2022
|
| Initial level: | $56.24
|
| Final level: | Average of ETF closing levels on five trading days ending Feb. 3, 2023
|
| Pricing date: | Feb. 5
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| Settlement date: | Feb. 10
|
| Agent: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
|
| Fees: | 1.5%
|
| Cusip: | 61771E4M7
|
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