By Sarah Lizee
Olympia, Wash., July 24 – Morgan Stanley Finance LLC priced $4.63 million of 0% trigger Performance Leveraged Upside Securities due July 22, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If each ETF finishes above its initial level, the payout at maturity will be par plus 150% of the lesser-performing ETF’s return, subject to a maximum return of 80%.
If the final level of either ETF is less than or equal to its initial level but the final level of each ETF is greater than or equal to its trigger level, the payout will be par. For each ETF, the trigger level is 70% of its initial level.
If the final level of either ETF is less than its trigger level, investors will be fully exposed to the decline of the lesser-performing ETF from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger Performance Leveraged Upside Securities
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $4,631,000
|
| Maturity: | July 22, 2022
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If each ETF finishes above initial level, par plus 150% of lesser-performing ETF’s return, subject to maximum return of 80%; if final level of either ETF is less than or equal to initial level but final level of each ETF is greater than or equal to trigger level, par; if final level of either ETF is less than trigger level, full exposure to decline of lesser-performing ETF from initial level
|
| Initial levels: | $27.98 for gold, $39.49 for junior gold
|
| Trigger levels: | $19.586 for gold, $27.643 for junior gold, or 70% of initial levels
|
| Pricing date: | July 19
|
| Settlement date: | July 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.9%
|
| Cusip: | 61769HLP8
|
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