By Taylor Fox
New York, Dec. 15 – Morgan Stanley Finance LLC priced $3.33 million of contingent income autocallable securities due Dec. 13, 2023 linked to the common stock of Moderna, Inc., 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 an annual rate of 26% if the stock closes at or above its downside threshold barrier, 50% of its initial level, on the determination date for that period.
The notes will be called at par of $10 plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless the stock finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses of the stock.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is a dealer.
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 stock: | Moderna, Inc.
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Amount: | $3,325,000
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Maturity: | Dec. 13, 2023
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Coupon: | 26% per year, payable each quarter that stock closes at or above downside threshold barrier on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to stock’s decline
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Call: | Par plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date
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Initial share price: | $169.86
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Downside threshold level: | $84.93, 50% of initial share price
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Pricing date: | Dec. 8
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Settlement date: | Dec. 11
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | Morgan Stanley Wealth Management LLC
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Fees: | 2.5%
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Cusip: | 61771G848
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