Morgan Stanley eyes contingent income buffered autocalls on index, ETF

By Sarah Lizee

Olympia, Wash., Sept. 23 – Morgan Stanley Finance LLC plans to price contingent income buffered autocallable securities due Sept. 30, 2021 linked to the lesser performing of the Russell 2000 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Each quarter, the notes will pay a contingent coupon at the rate of 6% per year if each underlier closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.

The notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.

The payout at maturity will be par unless either underlier finishes below its 70% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 30%.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Sept. 25.

The Cusip number is 61769HWC5.

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