By Taylor Fox
New York, Dec. 11 – Morgan Stanley Finance LLC priced $2.97 million of contingent income autocallable securities due Dec. 7, 2023 linked to the worst performing of the common stocks of Tesla, Inc. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes pay a contingent quarterly coupon at an annual rate of 30% if the shares of all stocks close at or above their 55% downside threshold levels on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly determination date.
The payout at maturity will be par plus any coupons due unless any stock finishes below its 55% downside threshold level, in which case investors will lose 1% for each 1% decline from the initial price for the worst performer.
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 autocallable securities
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Underlying stocks: | Tesla, Inc. and Zoom Video Communications, Inc.
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Amount: | $2,971,000
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Maturity: | Dec. 7, 2023
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Coupon: | 30% per year, payable quarterly if least-performing stock closes at or above 65% coupon barrier on observation date for that period
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Price: | Par of $10
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Payout at maturity: | If least-performing stock’s final share price is greater than or equal to downside threshold level, par plus any coupon due; otherwise, 1% loss for every 1% that least-performing stock’s final share price is less than initial share price
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Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly determination date
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Initial share prices: | $599.04 for Tesla and $410.01 for Zoom
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Downside thresholds: | $329.472 for Tesla and $225.506 for Zoom, 55% of initial level
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Pricing date: | Dec. 4
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Settlement date: | Dec. 9
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61771G764
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