By William Gullotti
Buffalo, N.Y., Dec. 20 – Morgan Stanley Finance LLC priced $4 million of 8.2% trigger callable yield notes due March 19, 2024 linked to the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any coupon payment date after three months.
The payout at maturity will be par unless the least-performing ETF finishes below its 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the least-performing ETF from its initial level.
The notes are guaranteed by Morgan Stanley.
UBS Financial Services Inc. and Morgan Stanley & Co. Inc. are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger callable yield notes
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| Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust
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| Amount: | $4 million
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| Maturity: | March 19, 2024
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| Coupon: | 8.2% per year, payable monthly
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| Price: | Par of $10
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| Payout at maturity: | Par unless least-performing ETF finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing ETF from its initial level
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| Call option: | At par on any monthly coupon date after three months
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| Initial levels: | $180.19 for iShares, $399.40 for SPDR
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| Downside thresholds: | $108.11 for iShares, $239.64 for SPDR; 60% of initial levels
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 19
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. Inc.
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| Fees: | 1%
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| Cusip: | 61774Q538
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