By Sarah Lizee
Olympia, Wash., May 8 – Morgan Stanley Finance LLC priced $865,000 of contingent income autocallable securities due Nov. 12, 2020 linked to the worst performing of the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded 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 7.2% if each underlying closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly determination date beginning on Aug. 6, 2019.
The payout at maturity will be par unless either underlying has ever closed below the 70% downside threshold level during the life of the notes, in which case investors will be fully exposed to the worst performing underlying, subject to a maximum payout of par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income auto-callable securities
|
| Underlyings: | Russell 2000 index and iShares MSCI Emerging Markets exchange-traded fund
|
| Amount: | $865,000
|
| Maturity: | Nov. 12, 2020
|
| Coupon: | 7.2% annualized coupon for each quarter that each underlying closes at or above coupon threshold level on determination date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless either underlying has ever closed below the 70% downside threshold level during the life of the notes, in which case investors will be fully exposed to the worst performing underlying, subject to a maximum payout of par
|
| Call: | At par plus contingent payment if each underlying closes at or above initial level on any quarterly determination date beginning on Aug. 6, 2019
|
| Initial levels: | 1,614.976 for index and $43.31 for ETF
|
| Downside thresholds: | 1,130.483 for index and $30.317 for ETF, 70% of initial levels
|
| Coupon thresholds: | 1,130.483 for index and $30.317 for ETF, 70% of initial levels
|
| Pricing date: | May 6
|
| Settlement date: | May 9
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.125%
|
| Cusip: | 61769HBA2
|
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