New York, July 10 – Morgan Stanley Finance LLC priced $10 million of contingent income buffered autocallable securities due April 11, 2024 linked to SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.4%, paid quarterly, if the underlying fund closes at or above its 85% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date.
At maturity, the payout will be par unless the ETF declines by more than its 15% buffer, in which case investors will lose 1.1765% for every 1% decline beyond 15%.
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 buffered autocallable securities
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| Underlying indexes: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | April 11, 2024
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| Coupon: | 11.4%, paid quarterly, if the underlying fund closes at or above its 85% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if ETF finishes at or above 85% of initial level, otherwise investors will lose 1.1765% for every 1% decline beyond 15%
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| Call: | Automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $409.39
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| Buffer: | 15%
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| Coupon barrier: | $347.982, 85% of initial level
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| Downside leverage: | 117.65%
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| Strike date: | March 31
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| Pricing date: | April 3
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| Settlement date: | April 6
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 61774XMQ3
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