By Sarah Lizee
Olympia, Wash., Aug. 21 – Morgan Stanley Finance LLC priced $917,000 of contingent income autocallable securities due Aug. 23, 2023 linked to the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF closes at or above the downside threshold level, 65% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 10%.
After six months, the notes will be called at par plus the contingent coupon if the ETF closes at or above the initial share price on any quarterly determination date other than the final determination date.
If the final level is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be exposed to the decline of the ETF.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying ETF: | VanEck Vectors Gold Miners ETF
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| Amount: | $917,000
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| Maturity: | Aug. 23, 2023
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| Coupon: | 10% per year, payable quarterly if ETF closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If the final level is greater than or equal to the downside threshold level, par plus the final contingent coupon; otherwise, investors will be exposed to the decline of the ETF
|
| Call: | After six months, at par plus the contingent coupon if the ETF closes at or above the initial share price on any quarterly determination date other than the final determination date
|
| Initial share price: | $42.66
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| Downside threshold: | $27.729, 65% of initial share price
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 21
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61771BD92
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