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Morgan Stanley plans 13.2% contingent income autocalls on Applied
By Susanna Moon
Chicago, April 9 – Morgan Stanley Finance LLC intends to issue contingent income autocallable securities due April 9, 2021 linked to Applied Materials, Inc stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13.2% if the stock closes at or above its 70% coupon threshold on the determination date that month.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first 11 determination dates.
The payout at maturity will be par unless the stock closes below its 70% downside threshold, in which case investors will be fully exposed to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on April 11.
The Cusip number is 61768P611.
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