By Sarah Lizee
Olympia, Wash., Oct. 7 – Morgan Stanley Finance LLC priced $525,000 of contingent income buffered autocallable securities due Sept. 30, 2024 linked to the lesser performing of the SPDR S&P Biotech 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 month, the notes will pay a contingent coupon at the rate of 8.75% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that month.
After one year, the notes will be automatically called at par if each underlier closes at or above its initial level on any monthly determination date.
The payout at maturity will be par unless either underlier finishes below its 80% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income buffered autocallable securities
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Underliers: | SPDR S&P Biotech ETF and VanEck Vectors Gold Miners ETF
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Amount: | $525,000
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Maturity: | Sept. 30, 2024
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Coupon: | 8.75% per year, payable each month that each underlier closes at or above coupon barrier on determination date for that month
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Price: | Par
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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 20%
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Call: | After one year, automatically at par if each underlier closes at or above initial price on any monthly determination date
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Initial prices: | $77.04 for biotech, $28.11 for gold
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Coupon barriers: | $61.632 for biotech, $22.488 for gold; 80% of initial prices
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Buffer levels: | $61.632 for biotech, $22.488 for gold; 80% of initial prices
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Pricing date: | Sept. 26
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Settlement date: | Sept. 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61769HWP6
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