New York, March 31 – Morgan Stanley Finance LLC priced $1.51 million of phoenix autocallable securities due March 28, 2025 linked to Wells Fargo & Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.44% if the underlying stock closes at or above its 80% downside threshold on the related quarterly observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The securities will be called automatically starting June 30 at par if the price of the underlying stock is greater than or equal to its initial price and on any subsequent quarterly review date.
At maturity the payout will be par unless the stock closes below its 80% downside threshold in which case investors will be fully exposed to the decline of the stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Phoenix autocallable securities
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| Underlying stock: | Wells Fargo & Co.
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| Amount: | $1,505,000
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| Maturity: | March 28, 2025
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| Coupon: | 12.44% if the underlying stock closes at or above its 80% downside threshold on the related quarterly observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par unless the stock closes below its downside threshold level in which case investors will be fully exposed to the decline in the underlying stock
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| Call: | Automatically starting June 30 at par if the price of the underlying stock is greater than or equal to its initial price and on any subsequent quarterly review date
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| Initial level: | $52.56
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| Downside threshold: | $42.048, 80% of initial level
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agent: | Morgan Stanley & Co. LLC
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| Distributor: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 2%
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| Cusip: | 61773QTP4
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