Welcome to our dedicated page for Fulton Financial SEC filings (Ticker: FULT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Offering overview: Morgan Stanley Finance LLC is issuing $126,000 of Callable Contingent Income Securities due December 31, 2026, fully and unconditionally guaranteed by Morgan Stanley. Each $1,000 note offers a contingent coupon of 9.50% per annum, payable quarterly only if the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index all close at or above 80% of their respective initial levels on the relevant observation date.
Principal at risk: If the notes are not called and any index closes below its 80% downside threshold on the final observation date, investors will receive less than par—down to zero—based on the worst-performing index. Investors do not participate in any upside of the indices.
Issuer call feature: Beginning December 31, 2025, Morgan Stanley may redeem the notes quarterly at par plus any due coupon, but only if an internal risk-neutral valuation model deems early redemption economically rational for the issuer. The decision is independent of index performance, heightening reinvestment risk for noteholders.
Pricing economics: The estimated value on the June 25, 2025 pricing date is $959.30, roughly 4.1% below the $1,000 issue price, reflecting issuance, distribution and hedging costs plus Morgan Stanley’s lower internal funding rate. Selected dealers earn a fixed $21 sales commission per note.
Key terms:
- Initial index levels: INDU 42,982.43; NDX 22,237.74; RTY 2,136.185
- Coupon & downside barriers: 80% of initial levels
- Observation/Coupon dates: Sep 30 2025 � Dec 31 2026
- Unlisted; secondary market liquidity depends on MS & Co.
- CUSIP 61778KH59 | ISIN US61778KH597
Investor takeaways: The note targets income-seeking investors willing to assume (1) credit exposure to Morgan Stanley, (2) worst-of index risk, (3) potential loss of principal, (4) call risk dictated by issuer economics, and (5) limited secondary liquidity. In return, investors receive a headline 9.5% contingent yield that may lapse for one or more quarters if any index breaches its 80% barrier.