By Susanna Moon
Chicago, March 12 – Morgan Stanley Finance LLC priced $1 million of callable buffered range accrual securities due Feb. 28, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 5% for each day that the index closes at or above its 80% coupon barrier, payable monthly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be exposed to any losses beyond the buffer.
The notes will be callable at par on any interest payment date after one year.
Morgan Stanley is the guarantor.
Morgan Stanley & Co. LLC is the underwriter.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Callable buffered range accrual securities
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| Underlying index: | Russell 2000
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| Amount: | $2,108,000
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| Maturity: | Feb. 28, 2023
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| Coupon: | 5% annualized, payable monthly for each day that index closes at or above its 85% coupon barrier
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| Price: | Par of $10
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| Call option: | At par on any monthly redemption date beginning on February 28, 2019
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| Payout at maturity: | Par unless index falls by more than 20%, in which case 1% loss per 1% decline beyond 20%
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| Initial level: | 1,549.186
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| Coupon barrier: | 1,239.349, 80% of initial level
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 61768CA64
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