New York, Oct. 25 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due March 28, 2024 linked to the worst performing of the Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.72% if each asset closes above its 70% coupon barrier on the related observation date.
If both underlyings close above their initial levels on any quarterly redemption determination date after six months, the notes will be called at par plus the quarterly coupon due.
If both assets finish positive, the payout at maturity will be par plus the coupon. Investors will receive par if the worst performer declines by 30% or less and will lose 1% for every 1% that the worst performer declines from its initial level if it declines more than 30%.
The notes are guaranteed by Morgan Stanley.
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 autocallable securities
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| Underlying assets: | Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF
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| Amount: | $500,000
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| Maturity: | March 28, 2024
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| Coupon: | 6.72%, paid quarterly if both assets close above coupon barrier levels on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus coupon if both assets finish above initial level; par if worst performer declines not more than 30%; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par plus coupon due if both underlyings close above initial levels on any quarterly redemption determination date after six months
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| Initial levels: | 3,827.02 for Stoxx, $52.89 for EM ETF
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| Coupon barrier levels: | 2,678.914 for Stoxx, $37.023 for EM ETF; 70% of initial levels
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| Barrier levels: | 2,678.914 for Stoxx, $37.023 for EM ETF; 70% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 26
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771VMV9
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