By Tali Rackner
Minneapolis, May 10 – Morgan Stanley Finance LLC priced $1 million of 8% worst-of fixed coupon autocallable RevCons due July 31, 2019 linked to the least performing of the ordinary shares of UBS Group AG, the common stock of Halliburton Co. and the ordinary shares of Novartis AG, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
The notes will be called at par plus the coupon if each stock closes at or above its 95% redemption threshold on any determination date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below its 70% downside threshold, in which case investors will receive a number of shares of the least-performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | UBS Group AG (Symbol: UBSG), Halliburton Co. (Symbol: HAL) and Novartis AG (Symbol: NOVN)
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| Amount: | $1 million
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| Maturity: | July 31, 2019
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| Coupon: | 8%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, a number of shares of the least-performing stock equal to $1,000 divided by the initial price
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| Call: | At par if each stock closes at or redemption threshold level on any determination date other than the final determination date after six months
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| Initial share prices: | CHF 16.715 for UBS, $51.37 for Halliburton and CHF 75.76 for Novartis; closing levels on April 24
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| Redemption thresholds: | CHF 15.879 for UBS, $48.802 for Halliburton and CHF 71.972 for Novartis; 95% of initial levels
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| Downside thresholds: | CHF 11.701 for UBS, $35.959 for Halliburton and CHF 53.032 for Novartis; 70% of initial levels
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| Pricing date: | April 24
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| Settlement date: | May 1
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61768CW37
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