[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC is offering Contingent Income Memory Auto-Callable Securities linked to Marvell Technology, Inc. (MRVL) common stock, maturing August 3, 2028. Investors receive a 13.75%鈥�14.75% annual contingent coupon paid monthly, provided MRVL closes at or above the 60% coupon barrier on each observation date; missed coupons can be recouped under the memory feature. Beginning six months after issuance, the notes will be automatically redeemed at par on any monthly determination date when MRVL is at or above the 100% call threshold. If not called, principal is protected down to the 60% downside threshold; below this level investors suffer a 1:1 loss on the decline of MRVL at maturity, potentially losing the entire principal. The estimated value of each $1,000 note is $945.70, reflecting issuance costs and Morgan Stanley鈥檚 internal pricing models. The securities are senior unsecured obligations of Morgan Stanley Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange. Key risks include lack of principal protection, credit exposure to Morgan Stanley, early-call uncertainty, limited secondary liquidity, and uncertain U.S. tax treatment.
Morgan Stanley Finance LLC offre titoli Contingent Income Memory Auto-Callable legati alle azioni ordinarie di Marvell Technology, Inc. (MRVL), con scadenza il 3 agosto 2028. Gli investitori ricevono un coupon annuale condizionato tra il 13,75% e il 14,75%, pagato mensilmente, a condizione che MRVL chiuda a o sopra la barriera del 60% del coupon in ogni data di osservazione; i coupon non pagati possono essere recuperati grazie alla funzione memory. A partire da sei mesi dall鈥檈missione, le obbligazioni saranno riscattate automaticamente a valore nominale in qualsiasi data di determinazione mensile in cui MRVL si trovi a o sopra la soglia di richiamo del 100%. Se non richiamate, il capitale 猫 protetto fino alla soglia di ribasso del 60%; al di sotto di questo livello, gli investitori subiranno una perdita 1:1 sulla diminuzione di MRVL alla scadenza, rischiando di perdere l鈥檌ntero capitale. Il valore stimato di ogni obbligazione da $1.000 猫 di $945,70, riflettendo i costi di emissione e i modelli di pricing interni di Morgan Stanley. I titoli sono obbligazioni senior non garantite di Morgan Stanley Finance LLC, garantite in modo pieno e incondizionato da Morgan Stanley, e non saranno quotati in alcuna borsa. I principali rischi includono l鈥檃ssenza di protezione del capitale, l鈥檈sposizione creditizia a Morgan Stanley, l鈥檌ncertezza del richiamo anticipato, la liquidit脿 secondaria limitata e il trattamento fiscale statunitense incerto.
Morgan Stanley Finance LLC ofrece valores Contingent Income Memory Auto-Callable vinculados a las acciones ordinarias de Marvell Technology, Inc. (MRVL), con vencimiento el 3 de agosto de 2028. Los inversores reciben un cup贸n anual contingente del 13,75%鈥�14,75%, pagado mensualmente, siempre que MRVL cierre en o por encima de la barrera del cup贸n del 60% en cada fecha de observaci贸n; los cupones no pagados pueden recuperarse gracias a la funci贸n memory. A partir de seis meses despu茅s de la emisi贸n, los bonos ser谩n redimidos autom谩ticamente al valor nominal en cualquier fecha de determinaci贸n mensual en que MRVL est茅 en o por encima del umbral de rescate del 100%. Si no se rescatan, el principal est谩 protegido hasta el umbral de ca铆da del 60%; por debajo de este nivel, los inversores sufrir谩n una p茅rdida 1:1 por la ca铆da de MRVL al vencimiento, pudiendo perder todo el principal. El valor estimado de cada bono de $1,000 es de $945.70, reflejando los costos de emisi贸n y los modelos internos de fijaci贸n de precios de Morgan Stanley. Los valores son obligaciones senior no garantizadas de Morgan Stanley Finance LLC, garantizadas total e incondicionalmente por Morgan Stanley, y no estar谩n listados en ninguna bolsa. Los riesgos clave incluyen la falta de protecci贸n del principal, la exposici贸n crediticia a Morgan Stanley, la incertidumbre del rescate anticipado, la liquidez secundaria limitada y el tratamiento fiscal estadounidense incierto.
Morgan Stanley Finance LLC电� Marvell Technology, Inc. (MRVL) 氤错喌欤检檧 鞐瓣硠霅� Contingent Income Memory Auto-Callable 歃濌秾鞚� 2028雲� 8鞗� 3鞚� 毵岅赴 臁瓣贝鞙茧 鞝滉车頃╇媹雼�. 韴瀽鞛惖鐢 MRVL鞚� 臧� 甏�彀办澕鞐� 炜犿彴 鞛ル步 60% 鞚挫儊鞐愳劀 毵堦皭頃� 瓴届毎 毵れ洈 歆�旮夒悩电� 鞐� 13.75%~14.75% 臁瓣贝攵� 炜犿彴鞚� 氚涥矊 霅橂┌, 氙胳旮� 炜犿彴鞚� 氅旊毽� 旮半姤鞙茧 須岆车頃� 靾� 鞛堨姷雼堧嫟. 氚滍枆 6臧滌洈 頉勲秬韯� MRVL鞚� 100% 旖� 鞛勱硠旃� 鞚挫儊鞚� 霑� 毵れ洈 瓴办爼鞚检棎 鞗愱笀鞙茧 鞛愲彊 靸來櫂霅╇媹雼�. 旖滊悩歆� 鞎婌潉 瓴届毎, 鞗愱笀鞚� 60% 頃橂澖 鞛勱硠旃�旯岇 氤错樃霅橂┌, 鞚� 靾橃 鞎勲灅搿� 霒柎歆�氅� 韴瀽鞛惖鐢 毵岅赴 鞁� MRVL 頃橂澖攵勳棎 雽�頃� 1:1 靻愳嫟鞚� 鞛呾柎 鞗愱笀 鞝勳暋鞚� 鞛冹潉 靾� 鞛堨姷雼堧嫟. 臧� $1,000 雲疙姼鞚� 於旍爼 臧�旃�电� 氚滍枆 牍勳毄瓿� Morgan Stanley 雮措秬 臧�瓴� 氇嵏鞚� 氚橃榿頃橃棳 $945.70鞛呺媹雼�. 鞚� 歃濌秾鞚� Morgan Stanley Finance LLC鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲鞚措┌ Morgan Stanley臧� 鞕勳爠頃橁碃 氍挫“瓯挫爜鞙茧 氤挫頃橂┌, 鞏措枲頃� 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟. 欤检殧 鞙勴棙鞚� 鞗愱笀 氤错樃 攵�臁�, Morgan Stanley鞐� 雽�頃� 鞁犾毄 雲胳稖, 臁瓣赴 靸來櫂 攵堩檿鞁れ劚, 鞝滍暅霅� 2彀� 鞙犽彊靹�, 攵堩檿鞁ろ暅 氙戈淡 靹戈笀 觳橂Μ 霌膘潉 韽暔頃╇媹雼�.
Morgan Stanley Finance LLC propose des titres Contingent Income Memory Auto-Callable li茅s aux actions ordinaires de Marvell Technology, Inc. (MRVL), arrivant 脿 茅ch茅ance le 3 ao没t 2028. Les investisseurs per莽oivent un coupon annuel conditionnel de 13,75 % 脿 14,75 %, vers茅 mensuellement, 脿 condition que MRVL cl么ture 脿 ou au-dessus de la barri猫re de coupon 脿 60 % 脿 chaque date d鈥檕bservation ; les coupons manqu茅s peuvent 锚tre r茅cup茅r茅s gr芒ce 脿 la fonction m茅moire. 脌 partir de six mois apr猫s l鈥櫭﹎ission, les titres seront rembours茅s automatiquement 脿 leur valeur nominale 脿 toute date de d茅termination mensuelle o霉 MRVL est 脿 ou au-dessus du seuil d鈥檃ppel 脿 100 %. En cas de non-rappel, le capital est prot茅g茅 jusqu鈥檃u seuil de baisse de 60 % ; en dessous de ce niveau, les investisseurs subissent une perte en capital au prorata de la baisse de MRVL 脿 l鈥櫭ヽh茅ance, pouvant entra卯ner une perte totale du capital. La valeur estim茅e de chaque titre de 1 000 $ est de 945,70 $, refl茅tant les co没ts d鈥櫭﹎ission et les mod猫les internes de tarification de Morgan Stanley. Ces titres constituent des obligations senior non garanties de Morgan Stanley Finance LLC, garanties de mani猫re compl猫te et inconditionnelle par Morgan Stanley, et ne seront pas cot茅s en bourse. Les principaux risques comprennent l鈥檃bsence de protection du capital, l鈥檈xposition au risque de cr茅dit de Morgan Stanley, l鈥檌ncertitude li茅e au rappel anticip茅, la liquidit茅 secondaire limit茅e et un traitement fiscal am茅ricain incertain.
Morgan Stanley Finance LLC bietet contingent Income Memory Auto-Callable Wertpapiere an, die an die Stammaktien von Marvell Technology, Inc. (MRVL) gekoppelt sind und am 3. August 2028 f盲llig werden. Anleger erhalten einen j盲hrlichen bedingten Kupon von 13,75%鈥�14,75%, der monatlich gezahlt wird, sofern MRVL an jedem Beobachtungstag auf oder 眉ber der 60% Kupon-Barriere schlie脽t; verpasste Kupons k枚nnen durch die Memory-Funktion nachgeholt werden. Ab sechs Monaten nach Ausgabe werden die Notes an jedem monatlichen Feststellungstag automatisch zum Nennwert zur眉ckgezahlt, wenn MRVL auf oder 眉ber der 100% Call-Schwelle liegt. Wird kein R眉ckruf ausgel枚st, ist das Kapital bis zur 60% Abw盲rts-Schwelle gesch眉tzt; liegt der Kurs darunter, erleiden Anleger bei F盲lligkeit einen 1:1 Verlust entsprechend dem R眉ckgang von MRVL und k枚nnen das gesamte Kapital verlieren. Der gesch盲tzte Wert jeder $1.000 Note betr盲gt $945,70, was Emissionskosten und interne Bewertungsmodelle von Morgan Stanley widerspiegelt. Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten von Morgan Stanley Finance LLC, vollst盲ndig und bedingungslos von Morgan Stanley garantiert und werden an keiner B枚rse notiert. Wichtige Risiken umfassen fehlenden Kapitalschutz, Kreditrisiko gegen眉ber Morgan Stanley, Unsicherheit bei vorzeitiger R眉ckzahlung, begrenzte Sekund盲rliquidit盲t und unklare US-Steuerbehandlung.
- High contingent coupon of 13.75%鈥�14.75% annually, payable monthly.
- Memory feature allows missed coupons to be caught up if conditions subsequently recover.
- 40% downside buffer (coupon and principal barriers at 60% of initial level) offers partial protection.
- Monthly early-call opportunity can deliver quick return of capital at par.
- No principal protection; losses mirror MRVL decline below the 60% threshold.
- 100% call threshold caps coupon longevity and eliminates potential equity upside.
- Estimated value at $945.70 indicates roughly 5% issuance discount to par.
- Issuer and credit risk tied to Morgan Stanley; note is an unsecured obligation.
- Limited secondary liquidity as securities are unlisted.
- Uncertain U.S. tax treatment for holders.
Insights
TL;DR: High coupon and 40% buffer, but call risk and 100% upside cap leave income-seeking investors exposed to equity downside and issuer credit.
The note offers an attractive headline coupon of 13.75%鈥�14.75% with a monthly memory feature, supported by a 40% downside buffer. However, the 100% call threshold means the issuer can redeem at par if MRVL merely holds its initial level, truncating coupon stream longevity and eliminating upside participation. The estimated value at 94.6% of par highlights a typical but material embedded fee. Credit exposure to Morgan Stanley and limited secondary liquidity add further risk. Overall, product suits yield-focused investors with a moderately bullish to range-bound view on MRVL who can tolerate potential capital loss.
TL;DR: Risk/return profile is asymmetrical鈥攊ncome dependent on MRVL stability, while downside beyond -40% is fully borne by investors.
From a portfolio standpoint, the security behaves like a short put below the 60% barrier and a series of digital coupons above it, effectively transferring tail risk to investors in exchange for enhanced carry. The monthly auto-call feature shortens expected duration, creating reinvestment risk if MRVL trades flat or higher. Stress scenarios show investors break even only if MRVL remains above the barrier on each observation date; a 41% drop wipes 41% of principal. Given concentration in a single semiconductor equity, prudent sizing and diversification are essential.
Morgan Stanley Finance LLC offre titoli Contingent Income Memory Auto-Callable legati alle azioni ordinarie di Marvell Technology, Inc. (MRVL), con scadenza il 3 agosto 2028. Gli investitori ricevono un coupon annuale condizionato tra il 13,75% e il 14,75%, pagato mensilmente, a condizione che MRVL chiuda a o sopra la barriera del 60% del coupon in ogni data di osservazione; i coupon non pagati possono essere recuperati grazie alla funzione memory. A partire da sei mesi dall鈥檈missione, le obbligazioni saranno riscattate automaticamente a valore nominale in qualsiasi data di determinazione mensile in cui MRVL si trovi a o sopra la soglia di richiamo del 100%. Se non richiamate, il capitale 猫 protetto fino alla soglia di ribasso del 60%; al di sotto di questo livello, gli investitori subiranno una perdita 1:1 sulla diminuzione di MRVL alla scadenza, rischiando di perdere l鈥檌ntero capitale. Il valore stimato di ogni obbligazione da $1.000 猫 di $945,70, riflettendo i costi di emissione e i modelli di pricing interni di Morgan Stanley. I titoli sono obbligazioni senior non garantite di Morgan Stanley Finance LLC, garantite in modo pieno e incondizionato da Morgan Stanley, e non saranno quotati in alcuna borsa. I principali rischi includono l鈥檃ssenza di protezione del capitale, l鈥檈sposizione creditizia a Morgan Stanley, l鈥檌ncertezza del richiamo anticipato, la liquidit脿 secondaria limitata e il trattamento fiscale statunitense incerto.
Morgan Stanley Finance LLC ofrece valores Contingent Income Memory Auto-Callable vinculados a las acciones ordinarias de Marvell Technology, Inc. (MRVL), con vencimiento el 3 de agosto de 2028. Los inversores reciben un cup贸n anual contingente del 13,75%鈥�14,75%, pagado mensualmente, siempre que MRVL cierre en o por encima de la barrera del cup贸n del 60% en cada fecha de observaci贸n; los cupones no pagados pueden recuperarse gracias a la funci贸n memory. A partir de seis meses despu茅s de la emisi贸n, los bonos ser谩n redimidos autom谩ticamente al valor nominal en cualquier fecha de determinaci贸n mensual en que MRVL est茅 en o por encima del umbral de rescate del 100%. Si no se rescatan, el principal est谩 protegido hasta el umbral de ca铆da del 60%; por debajo de este nivel, los inversores sufrir谩n una p茅rdida 1:1 por la ca铆da de MRVL al vencimiento, pudiendo perder todo el principal. El valor estimado de cada bono de $1,000 es de $945.70, reflejando los costos de emisi贸n y los modelos internos de fijaci贸n de precios de Morgan Stanley. Los valores son obligaciones senior no garantizadas de Morgan Stanley Finance LLC, garantizadas total e incondicionalmente por Morgan Stanley, y no estar谩n listados en ninguna bolsa. Los riesgos clave incluyen la falta de protecci贸n del principal, la exposici贸n crediticia a Morgan Stanley, la incertidumbre del rescate anticipado, la liquidez secundaria limitada y el tratamiento fiscal estadounidense incierto.
Morgan Stanley Finance LLC电� Marvell Technology, Inc. (MRVL) 氤错喌欤检檧 鞐瓣硠霅� Contingent Income Memory Auto-Callable 歃濌秾鞚� 2028雲� 8鞗� 3鞚� 毵岅赴 臁瓣贝鞙茧 鞝滉车頃╇媹雼�. 韴瀽鞛惖鐢 MRVL鞚� 臧� 甏�彀办澕鞐� 炜犿彴 鞛ル步 60% 鞚挫儊鞐愳劀 毵堦皭頃� 瓴届毎 毵れ洈 歆�旮夒悩电� 鞐� 13.75%~14.75% 臁瓣贝攵� 炜犿彴鞚� 氚涥矊 霅橂┌, 氙胳旮� 炜犿彴鞚� 氅旊毽� 旮半姤鞙茧 須岆车頃� 靾� 鞛堨姷雼堧嫟. 氚滍枆 6臧滌洈 頉勲秬韯� MRVL鞚� 100% 旖� 鞛勱硠旃� 鞚挫儊鞚� 霑� 毵れ洈 瓴办爼鞚检棎 鞗愱笀鞙茧 鞛愲彊 靸來櫂霅╇媹雼�. 旖滊悩歆� 鞎婌潉 瓴届毎, 鞗愱笀鞚� 60% 頃橂澖 鞛勱硠旃�旯岇 氤错樃霅橂┌, 鞚� 靾橃 鞎勲灅搿� 霒柎歆�氅� 韴瀽鞛惖鐢 毵岅赴 鞁� MRVL 頃橂澖攵勳棎 雽�頃� 1:1 靻愳嫟鞚� 鞛呾柎 鞗愱笀 鞝勳暋鞚� 鞛冹潉 靾� 鞛堨姷雼堧嫟. 臧� $1,000 雲疙姼鞚� 於旍爼 臧�旃�电� 氚滍枆 牍勳毄瓿� Morgan Stanley 雮措秬 臧�瓴� 氇嵏鞚� 氚橃榿頃橃棳 $945.70鞛呺媹雼�. 鞚� 歃濌秾鞚� Morgan Stanley Finance LLC鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲鞚措┌ Morgan Stanley臧� 鞕勳爠頃橁碃 氍挫“瓯挫爜鞙茧 氤挫頃橂┌, 鞏措枲頃� 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟. 欤检殧 鞙勴棙鞚� 鞗愱笀 氤错樃 攵�臁�, Morgan Stanley鞐� 雽�頃� 鞁犾毄 雲胳稖, 臁瓣赴 靸來櫂 攵堩檿鞁れ劚, 鞝滍暅霅� 2彀� 鞙犽彊靹�, 攵堩檿鞁ろ暅 氙戈淡 靹戈笀 觳橂Μ 霌膘潉 韽暔頃╇媹雼�.
Morgan Stanley Finance LLC propose des titres Contingent Income Memory Auto-Callable li茅s aux actions ordinaires de Marvell Technology, Inc. (MRVL), arrivant 脿 茅ch茅ance le 3 ao没t 2028. Les investisseurs per莽oivent un coupon annuel conditionnel de 13,75 % 脿 14,75 %, vers茅 mensuellement, 脿 condition que MRVL cl么ture 脿 ou au-dessus de la barri猫re de coupon 脿 60 % 脿 chaque date d鈥檕bservation ; les coupons manqu茅s peuvent 锚tre r茅cup茅r茅s gr芒ce 脿 la fonction m茅moire. 脌 partir de six mois apr猫s l鈥櫭﹎ission, les titres seront rembours茅s automatiquement 脿 leur valeur nominale 脿 toute date de d茅termination mensuelle o霉 MRVL est 脿 ou au-dessus du seuil d鈥檃ppel 脿 100 %. En cas de non-rappel, le capital est prot茅g茅 jusqu鈥檃u seuil de baisse de 60 % ; en dessous de ce niveau, les investisseurs subissent une perte en capital au prorata de la baisse de MRVL 脿 l鈥櫭ヽh茅ance, pouvant entra卯ner une perte totale du capital. La valeur estim茅e de chaque titre de 1 000 $ est de 945,70 $, refl茅tant les co没ts d鈥櫭﹎ission et les mod猫les internes de tarification de Morgan Stanley. Ces titres constituent des obligations senior non garanties de Morgan Stanley Finance LLC, garanties de mani猫re compl猫te et inconditionnelle par Morgan Stanley, et ne seront pas cot茅s en bourse. Les principaux risques comprennent l鈥檃bsence de protection du capital, l鈥檈xposition au risque de cr茅dit de Morgan Stanley, l鈥檌ncertitude li茅e au rappel anticip茅, la liquidit茅 secondaire limit茅e et un traitement fiscal am茅ricain incertain.
Morgan Stanley Finance LLC bietet contingent Income Memory Auto-Callable Wertpapiere an, die an die Stammaktien von Marvell Technology, Inc. (MRVL) gekoppelt sind und am 3. August 2028 f盲llig werden. Anleger erhalten einen j盲hrlichen bedingten Kupon von 13,75%鈥�14,75%, der monatlich gezahlt wird, sofern MRVL an jedem Beobachtungstag auf oder 眉ber der 60% Kupon-Barriere schlie脽t; verpasste Kupons k枚nnen durch die Memory-Funktion nachgeholt werden. Ab sechs Monaten nach Ausgabe werden die Notes an jedem monatlichen Feststellungstag automatisch zum Nennwert zur眉ckgezahlt, wenn MRVL auf oder 眉ber der 100% Call-Schwelle liegt. Wird kein R眉ckruf ausgel枚st, ist das Kapital bis zur 60% Abw盲rts-Schwelle gesch眉tzt; liegt der Kurs darunter, erleiden Anleger bei F盲lligkeit einen 1:1 Verlust entsprechend dem R眉ckgang von MRVL und k枚nnen das gesamte Kapital verlieren. Der gesch盲tzte Wert jeder $1.000 Note betr盲gt $945,70, was Emissionskosten und interne Bewertungsmodelle von Morgan Stanley widerspiegelt. Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten von Morgan Stanley Finance LLC, vollst盲ndig und bedingungslos von Morgan Stanley garantiert und werden an keiner B枚rse notiert. Wichtige Risiken umfassen fehlenden Kapitalschutz, Kreditrisiko gegen眉ber Morgan Stanley, Unsicherheit bei vorzeitiger R眉ckzahlung, begrenzte Sekund盲rliquidit盲t und unklare US-Steuerbehandlung.
FAQ
What are Morgan Stanley's MRVL Contingent Income Auto-Callable Securities?
How often are coupons paid on the MS MRVL linked notes?
When can the securities be automatically redeemed?
What is the downside risk at maturity?
What is the estimated value of the securities?
Are the notes listed on an exchange?
Do investors participate in MRVL stock appreciation?
