Morgan Stanley plans contingent income buffered autocalls on oil funds

By Wendy Van Sickle

Columbus, Ohio, July 12 – Morgan Stanley Finance LLC plans to price contingent income buffered autocallable securities due July 22, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the Market Vectors Gold Miners ETF, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Each month, the notes will pay a contingent coupon at the rate of 10% per year if each underlier closes at or above its buffer level, 80% of its initial level, on the determination date for that month, plus any previously unpaid coupons.

After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any monthly determination date.

The payout at maturity will be par unless either underlier finishes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.

Morgan Stanley & Co. LLC is the agent.

The notes will price on July 19.

The Cusip number is 61769HLL7.

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