By Wendy Van Sickle
Columbus, Ohio, May 19 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due May 2, 2024 linked to the worst performing of the iShares MSCI Emerging Markets ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier closes at or above its downside threshold level, 70% of its initial level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.6%.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any quarterly determination date after six months.
If each underlier finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will have full exposure to the performance of the least-performing underlier.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
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| Underliers: | iShares MSCI Emerging Markets ETF and VanEck Vectors Gold Miners ETF
|
| Amount: | $1 million
|
| Maturity: | May 2, 2024
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| Coupon: | 9.6% per year, payable quarterly if each underlier closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above its downside threshold level, par plus the final contingent coupon; otherwise, investors will have full exposure to the performance of the least-performing underlier
|
| Call: | At par plus contingent coupon if each underlier closes at or above initial level on any quarterly determination date after six months
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| Initial levels: | $55.08 for Emerging and $35.45 for Gold Miners
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| Downside thresholds: | $38.556 for Emerging and $24.815 for Gold Miners, or 70% of initial levels
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| Pricing date: | April 28
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| Settlement date: | April 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61771VXC9
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