By Sarah Lizee
Olympia, Wash., July 13 – Morgan Stanley Finance LLC priced $17.6 million of contingent income autocallable securities due July 7, 2023 linked to JPMorgan Chase & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above the 60% coupon barrier on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first 11 quarterly determination dates.
The payout at maturity will be par unless the stock finishes below its downside threshold, 60% of initial level, in which case investors will be fully exposure to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is agent. Morgan Stanley Wealth Management is the dealer.
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 stock: | JPMorgan Chase & Co.
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Amount: | $17,602,350
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Maturity: | July 7, 2023
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Coupon: | 10% annualized, payable quarterly if stock closes at or above coupon barrier level on determination date for that quarter
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Price: | Par
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Payout at maturity: | If final share price is at or above downside threshold, par; otherwise, lose 1% for each 1% decline
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Call: | At par plus contingent coupon if stock closes at or above initial share price any of the first 11 quarterly determination dates
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Initial share price: | $92.66
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Coupon barrier: | $55.596, 60% of initial level
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Downside threshold: | $55.596, 60% of initial level
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Pricing date: | July 2
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Settlement date: | July 8
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 61771C466
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