By Wendy Van Sickle
Columbus, Ohio, May 18 – Morgan Stanley Finance LLC priced $500,000 of 0% review notes due May 13, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will be automatically called at par plus a call premium of 4.3% annualized if the index closes at or above its initial level on any quarterly review date.
If the notes are not called and the index finishes above 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% that the index declines from the initial level.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Review notes
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| Underlying index: | S&P 500
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| Amount: | $500,000
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| Maturity: | May 13, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par if the index falls by up to 35%; otherwise, 1% loss for each 1% index decline from initial level
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| Call: | Automatically at par plus 4.3% annualized if the index closes at or above its initial level on any quarterly review date
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| Initial level: | 4,186.72, closing level on April 27
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| Final level: | Average of index closing levels on five trading days ending May 10, 2022
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| Pricing date: | May 13
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| Settlement date: | May 21
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| Agent: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 48132T3A2
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