By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Morgan Stanley Finance LLC priced $34.49 million of contingent coupon securities with one-time automatic redemption feature due Aug. 3, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
For the first year only, the notes will pay a monthly coupon at an annual rate of 6.46% if the index has not closed below its 80% trigger level on any day during the observation period that month or any previous month during the life of the notes.
If the index has not closed below 80% of its initial level on any day during any monthly monitoring period for the first year, the notes will be called on Aug. 3, 2023 at par plus the contingent coupon for that month.
If the notes are not called, the payout at maturity will be par plus 1.25% for each 1% gain above the trigger level or minus 1.25% for each 1% loss beyond the trigger level.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent coupon securities with one-time automatic redemption feature
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| Underlying index: | S&P 500
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| Amount: | $34.49 million
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| Maturity: | Aug. 3, 2026
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| Coupon: | For the first year only, monthly an annual rate of 6.46% if index has not closed below trigger level on any day during observation period that month or any previous month during life of notes
|
| Price: | Par
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| Payout at maturity: | Par plus 1.25% for each 1% gain above the trigger level or minus 1.25% for each 1% loss beyond the trigger level
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| Call: | If index has not closed below trigger level on any day during any monthly monitoring period for the first year, notes will be called on Aug. 3, 2023 at par plus contingent coupon for that month
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| Initial level: | 4,130.29
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| Trigger level: | 3,304.232, 80% of initial level
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| Pricing date: | July 29
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| Settlement date: | Aug. 3
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 0%
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| Cusip: | 61774DZU4
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