Chicago, Dec. 19 – Morgan Stanley Finance LLC priced $1.88 million of contingent income autocallable securities due Dec. 8, 2022 linked to the worst performing of the common stocks of Bank of America Corp. and Micron Technology, Inc. according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each stock closes at or above its downside threshold level, 65% of its initial share price, on a quarterly observation date, the notes will pay a contingent coupon that quarter at an annualized rate of 14.25%.
The notes will be called at par plus the contingent coupon if each stock closes at or above 90% of its initial share price on any quarterly determination date.
If each stock’s final share price is greater than or equal to its 65% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing stock declines from its initial share price.
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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| Underlying stocks: | Bank of America Corp. and Micron Technology, Inc.
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| Amount: | $1,879,000
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| Maturity: | Dec. 8, 2022
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| Coupon: | 14.25% per year, payable quarterly if each stock closes at or above coupon threshold level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock’s final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that least-performing stock declines from initial share price
|
| Call: | At par plus contingent quarterly coupon if each stock closes at or above 90% of its initial share price on any quarterly determination date
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| Initial share prices: | $33.15 for BAC, $46.30 for MU
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| Downside thresholds: | $21.548 for BAC, $30.095 for MU; 65% of initial share price
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| Call thresholds: | $29.835 for BAC, $41.67 for MU, 90% of initial levels
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.125%
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| Cusip: | 61769H3F0
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