By Sarah Lizee
Olympia, Wash., Sept. 11 – Morgan Stanley Finance LLC priced $24.99 million of trigger autocallable contingent yield notes due Sept. 8, 2023 linked to the SPDR S&P 500 ETF Trust, 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 8.1% if the fund closes at or above its 70% coupon barrier level on the determination date for that quarter.
The notes will be called at par of $10 if the fund closes at or above its initial level on any quarterly observation date beginning Dec. 4.
The payout at maturity will be par of $10 plus any coupon unless the fund finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline from its initial level.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying fund: | SPDR S&P 500 ETF Trust
|
| Amount: | $24,992,580
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| Maturity: | Sept. 8, 2023
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| Coupon: | 8.1%, payable quarterly if fund closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Call: | At par if fund closes above its initial level on any quarterly observation date beginning Dec. 4
|
| Payout at maturity: | Par plus any coupon unless the fund finishes below the downside threshold level, in which case investors will lose 1% for each 1% decline from its initial level
|
| Initial level: | $342.57
|
| Coupon barrier: | $239.80, 70% the initial price
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| Downside threshold: | $239.80, 70% the initial price
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| Pricing date: | Sept. 4
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| Settlement date: | Sept. 10
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| Agent: | Morgan Stanley & Co. LLC
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| Dealer: | UBS Financial Services Inc.
|
| Fees: | 2%
|
| Cusip: | 61771D316
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