By William Gullotti
Buffalo, N.Y., Aug. 18 – Morgan Stanley Finance LLC priced $250,000 of 0% jump securities with autocallable feature due May 16, 2024 linked to the worst performing of the VanEck Vectors Gold Miners ETF and the SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will be called at par plus an annual premium of 8% if each fund closes at or above its initial level on any semiannual observation date.
At maturity, if both funds finish above their initial levels, the payout will be $1,240 per security.
If the worst performing fund finishes below its initial level but at or above its 70% downside threshold level, the payout will be par. If the worst performing fund finishes below its downside threshold level, investors will be fully exposed to the decline of that fund.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Jump securities with autocallable feature
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| Underlying funds: | VanEck Vectors Gold Miners ETF, SPDR Gold Trust
|
| Amount: | $250,000
|
| Maturity: | May 16, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus an annual premium of 8% if each fund closes at or above initial level on any semiannual observation date
|
| Payout at maturity: | If both funds finish above initial levels, $1,240 per security; if the worst performing fund finishes below its initial level but at or above its downside threshold level, par; if the worst performing fund finishes below its downside threshold level, investors will be fully exposed to the decline of that fund
|
| Initial levels: | $36.86 for VanEck, $170.43 for SPDR
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| Downside threshold levels: | $25.802 for VanEck, $119.301 for SPDR; 70% of initial levels
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61771VL73
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