By Sarah Lizee
Olympia, Wash., Aug. 15 – Morgan Stanley Finance LLC priced $1.01 million of contingent income buffered autocallable securities due Aug. 17, 2022 linked to the lesser 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.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 14.55% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that quarter.
After one year, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either underlier finishes below its 90% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 10%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underliers: | iShares MSCI Emerging Markets ETF and VanEck Vectors Gold Miners ETF
|
| Amount: | $1,005,000
|
| Maturity: | Aug. 17, 2022
|
| Coupon: | 14.55% per year, payable each quarter that each underlier closes at or above coupon barrier on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 10%
|
| Call: | After one year, automatically at par if each underlier closes at or above initial price on any quarterly determination date
|
| Initial prices: | $39.39 for EM, $29.00 for gold
|
| Coupon barriers: | $31.512 for EM, $23.20 for gold; 80% of initial prices
|
| Buffer levels: | $35.451 for EM, $26.10 for gold; 90% of initial prices
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 15
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61769HQK4
|
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