By Kiku Steinfeld
Chicago, Dec. 15 – Morgan Stanley Finance LLC priced $833,000 of contingent income buffered securities due April 11, 2024 linked to the worst performing of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will pay a monthly coupon at an annual rate of 6% if the index closes at or above its 70% coupon barrier on a related determination date.
At maturity, the payout will be par plus the coupon if the index finishes at or above its 85% buffer levels.
Otherwise, investors will be exposed to the losses of the index beyond the 15% buffer. The coupon will be paid if due.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered securities
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| Underlying index: | S&P 500
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| Amount: | $833,000
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| Maturity: | April 11, 2024
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| Coupon: | 6% per year, payable monthly if index closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon if index finishes at or above buffer level; otherwise, 1% loss for each 1% decline of worst performer beyond buffer
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| Initial level: | 4,488.28
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| Coupon barrier: | 3,141.796; 70% of initial value
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| Buffer level: | 3,815.038; 85% of initial value
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| Pricing date: | April 18
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| Settlement date: | April 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61773QQ69
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