By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced $2.81 million of contingent income autocallable securities due March 3, 2021 linked to the least performing of the common stocks of JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.25% if each stock closes at or above its 68% coupon barrier on the determination date that quarter.
The notes will be called at par if each stock closes at or above its initial level on any call review date after six months.
The payout at maturity will be par unless any stock finishes below its 68% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent with distribution through Morgan Stanley Wealth Management.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $2,806,000
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| Maturity: | March 3, 2021
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| Coupon: | 8.25% annualized, payable quarterly if each stock closes at or above 68% coupon barrier on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
|
| Call: | At par if each stock closes at or above its initial level on any quarterly call date after six months
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| Initial levels: | $118.77 for JPMorgan and $59.97 for Wells
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| Downside thresholds: | $80.764 for JPMorgan and $40.78 for Wells; 68% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as a distributor
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| Fees: | 2.5%
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| Cusip: | 61768CD53
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