Chicago, Oct. 16 – Morgan Stanley Finance LLC priced $2.71 million of 0% trigger Performance Leveraged Upside Securities due Sept. 30, 2021 linked to the lesser performing of the iShares silver trust and the iShares 20+ year treasury bond ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each ETF finishes above its initial level, the payout at maturity will be par plus 300% of the lesser-performing ETF’s return, subject to a maximum return of 54%.
If the final level of either ETF is less than or equal to its initial level but the final level of each ETF is greater than or equal to its trigger level, the payout will be par. For each ETF, the trigger level is 70% of its initial level.
If the final level of either ETF is less than its trigger level, investors will be fully exposed to the decline of the lesser-performing ETF from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger Performance Leveraged Upside Securities
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| Underlying ETFs: | iShares silver trust and the iShares 20+ year treasury bond ETF
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| Amount: | $2,714,000
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| Maturity: | Sept. 30, 2021
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes above initial level, par plus 300% of lesser-performing ETF’s return, subject to maximum return of 54%; if final level of either ETF is less than or equal to initial level but final level of each ETF is greater than or equal to trigger level, par; if final level of either ETF is less than trigger level, full exposure to decline of lesser-performing ETF from initial level
|
| Initial levels: | $16.36 for silver, $142.73 for treasury bond
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| Trigger levels: | $11.452 for silver, $99.911 for treasury bond, or 70% of initial levels
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| Pricing date: | Sept. 27
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| Settlement date: | Oct. 2
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.8%
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| Cusip: | 61769HWB7
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