By Kiku Steinfeld
Chicago, June 27 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Dec. 19, 2022 linked to West Texas Intermediate light sweet crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The securities will pay a contingent quarterly coupon at an annualized rate of 11.25% if the commodity closes at or above the 60% downside threshold on the related observation date.
If the underlying commodity closes at or above its initial price on any of the quarterly determination dates, the securities will be redeemed at par plus the contingent coupon.
If the underlying commodity finishes at or above the 60% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, the payout will be par times the final share price divided by the initial price.
Morgan Stanley & Co. LLC is the agent.
| 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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| Underlier: | West Texas Intermediate light sweet crude oil futures contracts
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| Amount: | $1 million
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| Maturity: | Dec. 19, 2022
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| Coupon: | 11.25% annualized, payable quarterly if commodity closes at or above downside threshold on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if underlying commodity finishes at or above downside threshold; otherwise, par times final price divided by the initial price
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| Call: | At par plus contingent coupon if underlying commodity closes at or above initial share price on any quarterly determination date
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| Initial share price: | $71.29
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| Downside threshold: | $42.774; 60% of initial price
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| Pricing date: | Dec. 14, 2021
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| Settlement date: | Dec. 17, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61773FEU3
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