Morgan Stanley plans step-up autocallables on SPDR S&P Bank, Russell

By Susanna Moon

Chicago, Jan. 23 – Morgan Stanley Finance LLC plans to price autocallable step-up notes due Jan. 29, 2019 linked to the worse performing of the SPDR S&P Bank exchange-traded fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

The notes will be called at par of $10 plus an annualized call premium of 12.6% if each underlying component closes at or above the initial level on any of the first three semiannual determination dates.

If each underlying component finishes above its initial level, the payout at maturity will be at least $1,252 per $1,000 principal amount.

If either component falls but each component finishes above its 70% downside threshold, the payout will be $1,050 per $1,000 of notes.

Otherwise, investors will be fully exposed to any losses of the worse performing component.

Morgan Stanley & Co. LLC is the agent.

The notes will settle on Jan. 27.

The Cusip number is 61768CEC7.

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