By Sarah Lizee
Olympia, Wash., Aug. 19 – Morgan Stanley Finance LLC priced $1.93 million of contingent income autocallable securities due Aug. 17, 2023 linked to the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16.8% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either underlying asset finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing fund.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Autocallable contingent income securities
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| Underlying assets: | VanEck Vectors Gold Miners ETF and the iShares Silver Trust
|
| Amount: | $1,926,000
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| Maturity: | Aug. 17, 2023
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| Coupon: | 16.8% annualized, payable quarterly if each asset closes at or above coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing fund
|
| Call: | At par if each asset closes at or above its initial level on any quarterly call date after six months
|
| Initial levels: | $40.35 for gold ETF, $24.58 for silver ETF
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| Coupon barriers: | $24.21 for gold ETF, $14.748 for silver ETF; 60% of initial levels
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| Downside thresholds: | $24.21 for gold ETF, $14.748 for silver ETF; 60% of initial levels
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61771BF25
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