By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Morgan Stanley Finance LLC priced $5.68 million of contingent income autocallable securities due Nov. 24, 2023 linked to the stock performance of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the underlying stock closes at or above its 60% coupon threshold on any quarterly observation date.
If underlying stock closes at or above its initial level on any quarterly determination date after six months, the securities will be redeemed at par plus the contingent payment.
If the underlying stock finishes at or above its coupon threshold, the payout at maturity will be par plus the final coupon.
If the stock finishes below its coupon threshold but at or above the 60% downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to any losses.
The securities are guaranteed by Morgan Stanley.
The agent is Morgan Stanley & Co. LLC.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Ford Motor Co.
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| Amount: | $5,684,000
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| Maturity: | Nov. 24, 2023
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| Coupon: | 11% annualized, payable quarterly if the stock closes at or above coupon threshold on the relevant review date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above coupon threshold; if stock finishes below coupon threshold but not below downside threshold, par; otherwise full exposure to stock decline from initial share price
|
| Call: | Automatically at par plus contingent payment if underlying stock closes at or above initial level on any determination date after six months
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| Initial share price: | $19.39
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| Coupon threshold: | $11.634; 60% of initial price
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| Downside threshold: | $11.634; 60% of initial price
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61773HHM4
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