By Angela McDaniels
Tacoma, Wash., Sept. 27 – Morgan Stanley Finance LLC priced $1.51 million of contingent income buffered autocallable securities due Sept. 30, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 6% per year if each underlier closes at or above its buffer level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either underlier finishes below its buffer level, 70% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 30%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying underliers: | Russell 2000 index and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,512,000
|
| Maturity: | Sept. 30, 2021
|
| Coupon: | 6% per year, payable quarterly if each underlier closes at or above buffer level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 30%
|
| Call: | Automatically at par if each underlier closes at or above initial level on any quarterly determination date
|
| Initial levels: | $23.08 for ETF and 1,550.654 for index
|
| Buffer level: | $16.156 for ETF and 1,085.458, or 70% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.2%
|
| Cusip: | 61769HWC5
|
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