By William Gullotti
Buffalo, N.Y., Feb. 10 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due April 24, 2023 linked to the worst performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will pay a monthly coupon at an annual rate of 8.35% if each underlying closes above its 80% coupon barrier on a related determination date.
After six months, the notes will be called at par plus coupon due if each underlying closes at or above initial levels on any quarterly determination date.
At maturity, the payout will be par plus the coupon if both ETFs finish above their 85% buffer levels.
Otherwise, investors will be exposed to the losses of the worst performing fund beyond the 15% buffer. The coupon will be paid if due.
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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| Underlying funds: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
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| Amount: | $250,000
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| Maturity: | April 24, 2023
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| Coupon: | 8.35% per year, payable monthly if both ETFs close at or above coupon barriers on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if both funds finish above buffer level; otherwise, 1% loss for each 1% decline of worst performer beyond buffer
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any quarterly determination date after six months
|
| Initial levels: | $35.79 for VanEck, $23.98 for iShares
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| Coupon barriers: | $28.632 for VanEck, $19.184 for iShares; 80% of initial values
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| Buffer levels: | $30.422 for VanEck, $20.383 for iShares; 85% of initial values
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| Pricing date: | April 19, 2021
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| Settlement date: | April 22, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.5%
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| Cusip: | 61771VUD0
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