By William Gullotti
Buffalo, N.Y., July 18 – Morgan Stanley Finance LLC priced $480,000 of contingent income buffered autocallable securities due April 1, 2025 linked to the performance of the VanEck Vectors Oil Services ETF and the Energy Select Sector SPDR Fund, 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 14% 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 quarterly review date after six months.
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
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| Underlying funds: | VanEck Vectors Oil Services ETF, Energy Select Sector SPDR Fund
|
| Amount: | $480,000
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| Maturity: | April 1, 2025
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| Coupon: | 14% 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 quarterly call date after six months
|
| Initial levels: | $237.52 for VanEck, $73.69 for SPDR
|
| Coupon barrier levels: | $190.016 for VanEck, $58.952 for SPDR; 80% of initial levels
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| Buffer levels: | $190.016 for VanEck, $58.952 for SPDR; 80% of initial levels
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61774DNE3
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