By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Morgan Stanley Finance LLC priced $590,000 of contingent income autocallable securities due April 21, 2022 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 11.75% if both ETFs close at or above the 60% downside threshold level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if both ETFs close at or above their initial prices on any quarterly determination date.
The payout at maturity will be par unless either ETF finishes below the 60% downside threshold level, in which case investors will lose 1% for each 1% decline from the initial price of the worst performer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $590,000
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| Maturity: | April 21, 2022
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| Coupon: | 11.75% per year, payable quarterly if both ETFs close at or above downside threshold level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final ETF price of both ETFs is greater than or equal to downside threshold level, par plus final coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price of worst performer
|
| Call: | At par plus contingent coupon if both ETFs close at or above initial share price on any quarterly determination date
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| Initial share prices: | $39.83 for gold and $22.42 for silver
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| Downside thresholds: | $23.898 for gold and $13.452 for silver, 60% of initial levels
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
|
| Cusip: | 61771ECR7
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