Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
2024年7月19日 - 10:51AM
Edgar (US Regulatory)
Morgan Stanley Finance LLC
Structured Investments |
Free Writing Prospectus to
Preliminary Pricing Supplement No. 3,018
Filed pursuant to Rule 433
Registration Statement Nos.
333-275587; 333-275587-01
July 18, 2024 |
Market Linked Securities—Auto-Callable with
Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest
Performing of the Russell 2000® Index, the VanEck® Gold Miners ETF and the Common Stock of Advanced Micro
Devices, Inc. due July 29, 2026
Fully and Unconditionally Guaranteed by Morgan
Stanley |
Summary of terms
Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
Market measures |
Russell 2000® Index (the “RTY Index”),
VanEck® Gold Miners ETF (the “GDX Shares”) and common stock of Advanced Micro Devices, Inc. (the “AMD
Stock”)
We refer to the RTY Index, the GDX Shares and the AMD
Stock, collectively, as the “underlyings.” |
Pricing date* |
July 31, 2024 |
Original issue date* |
August 5, 2024 |
Face amount |
$1,000 per security |
Contingent coupon payments |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per-annum rate equal to the contingent coupon rate if, and only if, the closing value of the lowest performing underlying on the related calculation day is greater than or equal to its coupon threshold level. Each “contingent coupon payment”, if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 12. |
Contingent coupon rate |
At least 16.50% per annum, to be determined on the pricing date |
Automatic call |
If, on any calculation day (other than the final calculation day), beginning in January 2025, the closing value of each underlying is greater than or equal to its respective starting level, the securities will be automatically called for a cash payment per security equal to the face amount plus a final contingent coupon payment on the related call settlement date. |
Calculation days |
Monthly, on the 24th of each month, commencing in August 2024 and ending on the final calculation day. We also refer to the July 2026 calculation day as the final calculation day. |
Contingent coupon payment dates |
Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date. |
Call settlement date |
Three business days after the applicable calculation day. |
Maturity payment amount (per security) |
· if
the closing value of each underlying on the final calculation day is greater than or equal to its respective downside threshold
level:
$1,000; or
· if
the closing value of any underlying on the final calculation day is less than its respective downside threshold level:
$1,000 × performance factor of the lowest performing
underlying on the final calculation day |
Maturity date* |
July 29, 2026 |
Starting level |
For each underlying, its closing value on the pricing date |
Lowest performing underlying |
On any calculation day, the underlying with the lowest performance factor on that calculation day |
Performance factor |
With respect to each underlying, on any calculation day, its closing value on such calculation day divided by its starting level |
Coupon threshold level |
60% of the starting level for each underlying |
Downside threshold level |
60% of the starting level for each underlying |
Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer |
Denominations |
$1,000 and any integral multiple of $1,000 |
CUSIP |
61776MZU2 |
Tax considerations |
See preliminary pricing supplement |
Agent discount** |
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
*Subject to change
**In addition, selected dealers may receive a fee of up to 0.20% for
marketing and other services
Hypothetical payout profile (excluding contingent coupon
payments)
![](https://www.sec.gov/Archives/edgar/data/895421/000095010324010246/image_001.jpg)
If the securities are not automatically called prior to the maturity
date and the closing value of any underlying on the final calculation day is less than its downside threshold level, you will lose more
than 40%, and possibly all, of the face amount of your securities at the maturity date.
Any return on the securities will be limited to the sum of your contingent
coupon payments, if any. You will not participate in any appreciation of any underlying, but you will have full downside exposure to the
lowest performing underlying on the final calculation day if the closing value of that underlying on the final calculation day is less
than its downside threshold level.
The face amount of each security is $1,000. This price
includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the
estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security
on the pricing date will be approximately $970.10, or within $35.00 of that estimate. Our estimate of the value of the securities as determined
on the pricing date will be set forth in the final pricing supplement. See “Investment Summary” and “Risk Factors”
in the accompanying preliminary pricing supplement for further information.
This document provides a summary of the terms of the
securities. Investors should carefully review the accompanying preliminary pricing supplement, product supplement for principal at risk
securities, index supplement and prospectus before making a decision to invest in the securities.
Preliminary pricing supplement: sec.gov/Archives/edgar/data/1666268/000095010324010208/
dp214704_424b2-ps3018.htm
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” in the accompanying preliminary pricing supplement. All payments on the securities are subject to our credit risk. |
This
introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
The securities are not deposits or savings accounts
and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations
of, or guaranteed by, a bank.
Selected risk considerations
The risks set forth below are discussed in more detail in the “Risk
Factors” section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index
supplement and prospectus. Please review those risk factors carefully.
Risks Relating to an Investment in the Securities
| · | The securities do not guarantee the return of the face amount of your securities at maturity. |
| · | The securities do not provide for the regular payment of interest. |
| · | The contingent coupon payment, if any, is based on the value of each underlying on only the related monthly calculation day at
the end of the related interest period. |
| · | Investors will not participate in any appreciation in any underlying. |
| · | The market price will be influenced by many unpredictable factors. |
| · | The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may
adversely affect the market value of the securities. |
| · | As a finance subsidiary, MSFL has no independent operations and will have no independent assets. |
| · | Investing in the securities is not equivalent to investing in the underlyings or in the stocks composing the RTY Index or the fund
underlying index. |
| · | The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied
by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing,
selling, structuring and hedging the securities in the face amount reduce the economic terms of the securities, cause the estimated value
of the securities to be less than the face amount and will adversely affect secondary market prices. |
| · | The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those
of other dealers and is not a maximum or minimum secondary market price. |
| · | The securities will not be listed on any securities exchange and secondary trading may be limited. |
| · | The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect
to the securities. |
| · | Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities. |
| · | The maturity date may be postponed if the final calculation day is postponed. |
| · | Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates. |
| · | The U.S. federal income tax consequences of an investment in the securities are uncertain. |
Risks Relating to the Underlyings
| · | You are exposed to the price risk of each underlying. |
| · | Because the securities are linked to the performance of the lowest performing underlying, you are exposed to greater risks of receiving
no contingent coupon payments and sustaining a significant loss on your investment than if the securities were linked to just one underlying. |
| · | The securities are linked to the Russell 2000® Index and are subject to risks associated with small-capitalization
companies. |
| · | Investing in the securities exposes investors to risks associated with investments in securities with a concentration in the gold
and silver mining industry. |
| · | There are risks associated with investments in securities linked to the value of foreign equity securities. |
| · | The securities are subject to currency exchange risk. |
| · | The performance and market price of the GDX Shares, particularly during periods of market volatility, may not correlate with the
performance of the fund underlying index, the performance of the component securities of the fund underlying index or the net asset value
per share of the GDX Shares. |
| · | Adjustments to the GDX Shares or the index tracked by the GDX Shares could adversely affect the value of the securities. |
| · | The anti-dilution adjustments the calculation agent is required to make do not cover every event that could affect the GDX Shares. |
| · | No affiliation with Advanced Micro Devices, Inc. |
| · | We may engage in business with or involving Advanced Micro Devices, Inc. without regard to your interests. |
| · | The anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the
AMD Stock. |
| · | Historical closing values of the underlyings should not be taken as an indication of the future performance of the underlyings
during the term of the securities. |
For more information about the underlyings, including historical performance information, see the accompanying preliminary pricing supplement. |
Morgan Stanley and MSFL have filed a registration
statement (including a prospectus, as supplemented by the applicable product supplement and the index supplement) with the Securities
and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration
statement, the applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley
and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents
without cost by visiting EDGAR on the SEC web site at.www.sec.gov.
Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable
product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.
Wells Fargo Advisors is a trade name used by Wells Fargo
Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank
affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
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