By Marisa Wong
Morgantown, W.Va., June 21 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due June 3, 2022 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the VanEck Vectors Gold Miners ETF, according to a 424B2 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 10.2% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that month.
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 80% 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.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income buffered autocallable securities
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Underliers: | SPDR S&P Biotech ETF and VanEck Vectors Gold Miners ETF
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Amount: | $250,000
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Maturity: | June 3, 2022
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Coupon: | 10.2% per year, payable each month that each underlier closes at or above coupon barrier on determination date for that month
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Price: | Par
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Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 20%
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Call: | After six months, automatically at par if each underlier closes at or above initial price on any monthly determination date
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Initial prices: | $82.03 for biotech ETF, $20.42 for gold ETF
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Coupon barriers: | $65.624 for biotech ETF, $16.336 for gold ETF; 80% of initial prices
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Buffer levels: | $65.624 for biotech ETF, $16.336 for gold ETF; 80% of initial prices
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Pricing date: | May 28
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Settlement date: | May 31
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.625%
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Cusip: | 61768D7Z2
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