By William Gullotti
Buffalo, N.Y., April 25 – Morgan Stanley Finance LLC priced $3.59 million of contingent income buffered autocallable securities due April 24, 2025 linked to the performance of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filed with the Securities and Exchange Commission.
The securities are guaranteed by Morgan Stanley.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each ETF closes at or above its 80% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each ETF closes at or above its initial level on any monthly review date after one year.
The payout at maturity will be par plus the final coupon if each ETF finishes at or above its 80% buffer level. Otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Issue: | Contingent income buffered autocallable securities
|
| Guarantor: | Morgan Stanley
|
| Underlying funds: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
|
| Amount: | $3,589,000
|
| Maturity: | April 24, 2025
|
| Coupon: | 9% annualized, payable monthly if each ETF closes at or above coupon barrier on review date on the relevant review date
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above buffer level, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing ETF below 20%
|
| Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly call date after one year
|
| Initial levels: | $23.24 for silver, $39.70 for gold
|
| Coupon barrier levels: | $18.592 for silver, $31.76 for gold; 80% of initial levels
|
| Buffer levels: | $18.592 for silver, $31.76 for gold; 80% of initial levels
|
| Pricing date: | April 19
|
| Settlement date: | April 22
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.25%
|
| Cusip: | 61773QJ26
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