By Wendy Van Sickle
Columbus, Ohio, March 29 – Morgan Stanley Finance LLC priced $22.15 million of trigger autocallable contingent yield notes due March 28, 2024 linked to the least performing of the iShares Russell 2000 ETF and the Technology Select Sector SPDR fund, 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 6.4% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any final coupon due unless either ETF finishes below the 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing ETF from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: | iShares | Russell 2000 | ETF and Technology Select Sector SPDR | fund
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| Amount: | $22,145,580
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| Maturity: | March 28, 2024
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| Coupon: | 6.4%, payable quarterly if each ETF closes at or above coupon barrier level on observation date
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| Price: | Par of $10
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| Call: | At par plus coupon if each ETF closes at or above initial level on any quarterly observation date after six months
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| Payout at maturity: | Par plus any final coupon due unless either ETF closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing ETF from initial level
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| Initial levels: | $212.04 for Russell, $129.46 for Technology
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| Coupon barriers: | $148.43 for Russell, $90.62 for Technology; 70% of initial levels
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| Downside thresholds: | $127.22 for Russell, $77.68 for Technology; 60% of initial levels
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| Pricing date: | March 24
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| Settlement date: | March 29
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| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771U763
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