By Taylor Fox
New York, Aug. 30 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due Feb. 28, 2024 linked to the worst 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.
Quarterly, the notes can be called at par plus an annual premium of 16.25% if each fund closes at or above its initial level. The first call date starts after six months.
If both funds finish above their initial values, investors will receive $1,487.50 per $1,000 of notes at maturity.
If the worst performing fund finishes below 60% of its initial level, investors will receive par.
Otherwise, investors will be fully exposed to the losses of the worst performer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and the iShares Silver Trust
|
| Amount: | $250,000
|
| Maturity: | Feb. 28, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Quarterly after six months, at par plus an annualized premium of 16.25% if each fund closes at or above its initial level on observation date
|
| Payout at maturity: | $1,487.50 per $1,000 of notes if both funds finish above initial levels; par if worst performer declines but finishes above downside threshold; otherwise, full exposure to losses of worst performer
|
| Initial levels: | $33.44 for VanEck and $25.71 for iShares
|
| Downside threshold levels: | $20.064 for VanEck and $15.426 for iShares; 60% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.85%
|
| Cusip: | 61771EW95
|
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