By William Gullotti
Buffalo, N.Y., Feb. 24 – Morgan Stanley Finance LLC priced $4 million of 35% fixed coupon autocallable securities due Aug. 23, 2022 linked to the stock performance of Affirm Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If the stock closes at or above its initial share price on any monthly observation date, the notes will be called at par plus a fixed coupon payment.
If the final level of the stock is greater than or equal to 50% of its initial share price, the payout at maturity will be par plus the last fixed coupon. Otherwise, investors will lose 1% for every 1% that the stock declined from its initial price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed coupon autocallable securities
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| Underlying stock: | Affirm Holdings, Inc.
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| Amount: | $4 million
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| Maturity: | Aug. 23, 2022
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| Coupon: | 35%, payable monthly
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| Price: | Par
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| Payout at maturity: | If final level of the stock is greater than or equal to 50% of initial level, par plus last fixed coupon; otherwise, 1% loss for every 1% decline from initial level
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| Call: | At par plus a coupon if the stock closes at or above its initial share price on any monthly observation date after three months
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| Initial share price: | $37.33
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| Coupon barrier level: | $18.665; 50% of initial levels
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| Pricing date: | Feb. 18
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| Settlement date: | Feb. 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.35%
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| Cusip: | 61773QCB3
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