By Sarah Lizee
Olympia, Wash., May 28 – Morgan Stanley Finance LLC priced $1 million of 8.5% worst-of fixed coupon RevCons due May 27, 2021 linked to the worst performing of the shares of AT&T Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock finishes at or above the 70% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Worst-of fixed coupon RevCons
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Underlying stocks: | AT&T Inc. and Verizon Communications Inc.
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Amount: | $1 million
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Maturity: | May 27, 2021
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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Initial share prices: | $29.77 for AT&T, $53.97 for Verizon
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Downside thresholds: | $20.839 for AT&T, $37.779 for Verizon; 70% of initial levels
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Pricing date: | May 22
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Settlement date: | May 28
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Underwriter: | Morgan Stanley & Co. LLC
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Fees: | 0.2%
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Cusip: | 61771BGE8
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