By Wendy Van Sickle
Columbus, Ohio, July 2 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Feb. 26, 2024 linked to the SPDR S&P Metals & Mining ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 8.75% per year if the lowest performing underlier closes at or above its coupon barrier level, 80% of its initial level, on the determination date for that period.
The notes will be automatically called at par plus the coupon if the lowest performing underlier closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus the coupon, if any, unless the lowest performing underlier finishes below its buffer level, 85% of its initial level, in which case investors will lose 1% for every 1% that the underlier declines beyond 15%.
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 funds: | SPDR S&P Metals & Mining ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $250,000
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| Maturity: | Feb. 26, 2024
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| Coupon: | 8.75% per year, payable monthly if each underlier closes at or above coupon barrier level on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless the lowest performing fund closes below buffer level, in which case 1% loss for every 1% that the lowest performing underlier declines beyond buffer
|
| Call: | Automatically at par plus the coupon if each underlier closes at or above initial level on any quarterly determination date after six months
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| Initial levels: | $39.29 for VanEck Vectors Gold Miners and $44.56 for SPDR S&P Metals & Mining
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| Coupon barrier levels: | $31.432 for VanEck Vectors Gold Miners and $35.648 for SPDR S&P Metals & Mining; 80% of initial levels
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| Buffer levels: | $37.876 for VanEck Vectors Gold Miners and $33.397 for SPDR S&P Metals & Mining; 85% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2.75%
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| Cusip: | 61771VV23
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