Morgan Stanley plans contingent income autocallables on three indexes

By Susanna Moon

Chicago, April 27 – Morgan Stanley plans to price contingent income autocallable securities due May 5, 2022 linked to the worst performing of the S&P GSCI Crude Oil Index - Excess Return, the S&P GSCI Grains Index - Excess Return and the Bloomberg Softs Subindex, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 17% if each index closes at or above its barrier level, 80% of the initial level, on the determination date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if each index closes at or above its 95% redemption level on any quarterly determination date beginning Oct. 30.

The payout at maturity will be par plus the final contingent coupon unless the worst performing index finishes below the 80% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.

Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is a dealer.

The notes will price in April.

The Cusip number is 61762GDU5.

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