By William Gullotti
Buffalo, N.Y., March 17 – Morgan Stanley Finance LLC priced $1 million of autocallable contingent coupon equity-linked securities due March 13, 2024 linked to the stock performance of ServiceNow, Inc., 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 annualized rate of 18.2% if the stock closes at or above the coupon barrier price, 65% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the stock close at or above the initial share price on any quarterly valuation date.
If the notes are not called and the final share price is greater than or equal to the 65% final barrier price, the payout at maturity will be par plus the final coupon. Otherwise, investors be fully exposed to the stock’s decline from its initial share price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | ServiceNow, Inc.
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| Amount: | $1 million
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| Maturity: | March 13, 2024
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| Coupon: | 18.2% annually, payable quarterly, if stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If notes are not called and final share price is greater than or equal to final barrier price, par plus final coupon; otherwise, lose 1% for every 1% decline from initial share price
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| Call: | Automatically at par plus contingent coupon if stock closes at or above initial level on any quarterly valuation date
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| Initial share price: | $415.08
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| Coupon barrier price: | $269.802; 65% of initial level
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| Final barrier price: | $269.802; 65% of initial level
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| Pricing date: | March 10
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| Settlement date: | March 17
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1%
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| Cusip: | 61774T6X5
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