New Issue: Morgan Stanley prices $705,000 10.15% contingent income autocalls on indexes, ETF

By Kiku Steinfeld

Chicago, March 4 – Morgan Stanley Finance LLC priced $705,000 of contingent income autocallable securities due July 2, 2026 linked to the S&P 500 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 10.15%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.

The securities will be called automatically starting July 2, 2024 at par if the level of each underlier is greater than or equal to its initial level on any quarterly call determination date.

At maturity the payout will be par unless the worst performing asset closes below its 60% downside threshold level in which case investors will be fully exposed to the decline of the worst performing asset.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Contingent income autocallable securities
Underlying assets:	S&P 500 index, Nasdaq-100 index and SPDR S&P Regional Banking ETF
Amount:	$705,000
Maturity:	July 2, 2026
Coupon:	10.15%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
Price:	Par
Payout at maturity:	Par unless the worst performing asset closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing asset
Call:	Automatically starting July 2, 2024 at par if the level of each underlier is greater than or equal to its initial level on any quarterly call determination date
Initial levels:	$40.76 for SPDR S&P Regional Banking ETF, 14,945.91 for Nasdaq, 4,378.41 for S&P
Downside thresholds:	$24.456 for SPDR S&P Regional Banking ETF, 8,967.546 for Nasdaq, 2,627.046 for S&P, 60% of initial level
Coupon barriers:	$28.532 for SPDR S&P Regional Banking ETF, 10,462.137 for Nasdaq index, 3,064.887 for S&P, 70% of initial levels
Pricing date:	June 27, 2023
Settlement date:	June 30, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	4%
Cusip:	61775HBN6

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