By William Gullotti
Buffalo, N.Y., May 17 – Morgan Stanley Finance LLC priced $400,000 of 0% review notes due Oct. 19, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus a 12.3% call premium if the index closes at or above its initial level on Oct. 28, 2022.
If the notes are not called and the index finishes positive, the payout at maturity will be par plus 200% of the index gain.
If the index declines but finishes at or above 85% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% that the index declines from the initial level.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Review notes
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| Underlying index: | S&P 500
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| Amount: | $400,000
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| Maturity: | Oct. 19, 2023
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If index gains, par plus 200% of return; if the index finishes flat or falls by up to 15%, par; otherwise, 1% loss for each 1% index decline from initial level
|
| Call: | Automatically at par plus 12.3% call premium if the index closes at or above its initial level on Oct. 28, 2022
|
| Initial level: | 4,182.91
|
| Trigger level: | 85% of initial level
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| Pricing date: | Oct. 15, 2021
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| Settlement date: | Oct. 20, 2021
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| Agent: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
|
| Fees: | 1.5%
|
| Cusip: | 61773F5G4
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