By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Morgan Stanley Finance LLC priced $445,000 of callable contingent income securities due Nov. 2, 2023 linked to the VanEck Vectors Gold Miners ETF and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 11.75% per year if each ETF closes at or above its coupon barrier level, 60% of its initial level, on the observation date that period.
If the lowest-performing ETF finishes at or above its knock-in level, 60% of its initial level, the payout at maturity will be par plus the final coupon. If the lowest-performing ETF finishes below its knock-in level, investors will be fully exposed to the decline of the lowest-performing ETF from its initial level.
The notes will be callable at par on any quarterly redemption date starting May 5, 2021.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Callable contingent income securities
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and the iShares Silver trust
|
| Amount: | $445,000
|
| Maturity: | Nov. 2, 2023
|
| Coupon: | 11.75% per year, payable quarterly if each ETF closes at or above coupon barrier level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above knock-in level, par; if any ETF finishes below knock-in level, full exposure to decline of lowest-performing ETF from its initial level
|
| Call option: | At par on any quarterly redemption date starting May 5, 2021
|
| Initial levels: | $37.49 for financial ETF, $21.99 for silver ETF
|
| Coupon barriers: | $22.494 for gold ETF, $13.194 for silver ETF; 60% of initial levels
|
| Knock-in levels: | $22.494 for gold ETF, $13.194 for silver ETF; 60% of initial levels
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 4
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0%
|
| Cusip: | 61771EEN4
|
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