By Kiku Steinfeld
Chicago, Oct. 2 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due June 21, 2024 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 36.75%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons. Previously unpaid coupons will also be paid.
The securities will be called automatically at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the ETF closes below its 65% downside threshold level in which case investors will be fully exposed to the decline of the ETF.
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 autocallable securities
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Underlying ETF: | SPDR S&P Regional Banking ETF
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Amount: | $500,000
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Maturity: | June 21, 2024
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Coupon: | 36.75%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the ETF closes below its downside threshold level in which case investors will be fully exposed to the decline in the ETF
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Call: | Automatically at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date
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Initial level: | $46.21
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Downside threshold: | $30.037, 65% of initial level
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Coupon barrier: | $39.279, 85% of initial level
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Pricing date: | March 17, 2023
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Settlement date: | March 22, 2023
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61774XDL4
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