By William Gullotti
Buffalo, N.Y., April 18 – Morgan Stanley Finance LLC priced $1.1 million of 10.2% worst-of fixed coupon autocallable RevCons due Oct. 16, 2023 linked to the worst performing of the ordinary shares of SAP SE, UBS Group AG and Novartis AG, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each stock closes at or above its redemption threshold level on a quarterly determination date after six months, the notes will be automatically called at par plus the fixed coupon. Redemption threshold starts at 95% of initial share price and decreases by 5% quarterly.
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 autocallable RevCons
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| Underlying stocks: | SAP SE, UBS Group AG, Novartis AG
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| Amount: | $1.1 million
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| Maturity: | Oct. 16, 2023
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| Coupon: | 10.2%, payable quarterly
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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 from its initial share price
|
| Call: | Automatically at par plus the fixed coupon if each stock closes at or above its redemption threshold level on any quarterly review date after six months; redemption threshold begins at 95% of initial share price and decreases by 5% quarterly
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| Initial share prices: | €100.42 for SAP SE, CHF 17.405 for UBS, CHF 86.73 for Novartis
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| Downside thresholds: | €70.294 for SAP SE, CHF 12.184 for UBS, CHF 60.711 for Novartis; 70% of initial levels
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| Strike date: | April 8
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| Pricing date: | April 11
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| Settlement date: | April 20
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61773QP37
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