By Kiku Steinfeld
Chicago, Aug. 5 – Morgan Stanley Finance LLC priced $1.09 million of contingent income autocallable securities due Aug. 3, 2023 linked to the worst performing of the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its coupon barrier level, 75% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 15%.
After six months, the notes will be called at par plus the contingent coupon if each underlier close at or above the initial share price on any quarterly determination date other than the final determination date.
If each underlier finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the lesser performing ETF.
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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| Underliers: | iShares Silver Trust and SPDR Gold Trust
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| Amount: | $1,085,000
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| Maturity: | Aug. 3, 2023
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| Coupon: | 15% per year, payable quarterly if each underlier closes at or above coupon barrier level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the lesser performing ETF
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| Call: | After six months, at par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date other than final determination date
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| Initial levels: | $22.57 for silver ETF, $185.13 for gold ETF
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| Coupon barrier levels: | $16.928 for silver ETF, $138.848 for gold ETF; 75% of initial levels
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| Downside thresholds: | $16.928 for silver ETF, $138.848 for gold ETF; 75% of initial levels
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| Pricing date: | July 29
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| Settlement date: | July 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.35%
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| Cusip: | 61771BC51
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