By Susanna Moon
Chicago, Feb. 8 – Morgan Stanley Finance LLC priced $1.91 million of contingent income autocallable securities due July 31, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.5% if the index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the index closes at or above its initial level on any review date.
The payout at maturity will be par unless the index ever closes below its 70% downside threshold during the life of the notes, in which case investors will be fully exposed to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying index: | S&P 500 index
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| Amount: | $1.91 million
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| Maturity: | July 31, 2020
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| Coupon: | 6.5% annualized, payable quarterly if index closes at or above 70% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If index never closes below 70% downside threshold, par; otherwise, 1% loss for each 1% decline
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| Call: | At par if the index closes at or above its initial level on any quarterly call date beginning April 29, 2019
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| Initial index level: | 2,643.85
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| Downside threshold: | 1,850.695, 70% of initial level
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.125%
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| Cusip: | 61768DXN0
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