By Sarah Lizee
Olympia, Wash., April 22 – Morgan Stanley Finance LLC priced $2.18 million of callable contingent income securities due April 24, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Every six months, the notes will pay a contingent coupon at the rate of 10.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon.
If any index finishes below its barrier level, investors will lose 1% for every 1% decline of the lesser performing index.
After six months, the notes will be callable at par on any coupon payment date.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $2.18 million
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| Maturity: | April 24, 2023
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| Coupon: | 10.25% per year, payable every six months if each index closes at or above its coupon barrier level on the observation date that period
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above barrier level; if any index finishes below barrier level, 1% for every 1% decline of the lesser performing index
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| Call option: | After six months, at par on any semiannual date
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| Initial levels: | 1,229.098 for Russell, 2,874.56 for S&P
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| Coupon barrier/final barriers: | 860.369 for Russell, 2,012.192 for S&P; 70% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 61770FM37
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