By William Gullotti
Buffalo, N.Y., July 25 – Morgan Stanley Finance LLC priced $1.29 million of 0% accelerated return securities due July 24, 2025 linked to the West Texas Intermediate Light Sweet Crude Oil Futures Contracts, according to a 424B2 filing with the Securities and Exchange Commission.
If the commodity return is positive, the payout at maturity will be par plus 300% of the commodity return, subject to a maximum payout of par plus 80%.
Investors will receive par if the commodity declines by 40% or less and will lose 1% for every 1% decline if it falls below its 60% trigger level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Accelerated return securities
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| Underlying commodity: | West Texas Intermediate Light Sweet Crude Oil Futures Contracts
|
| Amount: | $1,289,000
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| Maturity: | July 24, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If commodity return is positive, par plus 300% of commodity return, capped at par plus 80%; par if commodity declines by 40% or less; otherwise, 1% loss for every 1% that commodity declines from initial level
|
| Initial level: | $75.35
|
| Trigger level: | $45.21; 60% of initial level
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| Pricing date: | July 19
|
| Settlement date: | July 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 61774FCJ9
|
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