By Sarah Lizee
Olympia, Wash., Aug. 13 – Morgan Stanley Finance LLC priced $4 million of contingent income buffered autocallable securities due Aug. 4, 2022 linked to the lesser performing of the S&P 500 index 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 7.35% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each underlier closes at or above 90% of its initial level on any quarterly 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
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underliers: | S&P 500 index and VanEck Vectors Gold Miners ETF
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| Amount: | $4,004,000
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| Maturity: | Aug. 4, 2022
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| Coupon: | 7.35% per year, payable each quarter that each underlier closes at or above buffer level on determination date for that quarter
|
| Price: | Par
|
| 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 buffer
|
| Call: | Automatically at par if each underlier closes at or above 90% of its initial level on any quarterly determination date
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| Initial levels: | 3,271.12 for index and $42.94 for ETF
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| Coupon barrier: | 2,616.896 for index and $34.352 for ETF; 80% of initial levels
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| Buffer levels: | 2,616.896 for index and $34.352 for ETF; 80% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.6%
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| Cusip: | 61771BA79
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