By Wendy Van Sickle
Columbus, Ohio, March 4 –Morgan Stanley Finance LLC priced $3.03 million of contingent income buffered autocallable securities due March 2, 2022 linked to the lesser performing of the Energy Select Sector SPDR 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 quarter, the notes will pay a contingent coupon at the rate of 6.5% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that quarter.
Beginning on Dec. 21, 2020, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon 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: | Energy Select Sector SPDR fund and VanEck Vectors Gold Miners ETF
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| Amount: | $3,026,000
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| Maturity: | March 2, 2022
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| Coupon: | 6.5% per year, payable each quarter that each underlier closes at or above coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon 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: | Beginning on Dec. 21, 2020, automatically at par if each underlier closes at or above initial price on any quarterly determination date
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| Initial prices: | $49.36 for energy fund, $29.97 for gold ETF
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| Coupon barrier/buffer levels: | $39.488 for energy fund, $23.976 for gold ETF; 80% of initial prices
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.3%
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| Cusip: | 61770FMK9
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