By William Gullotti
Buffalo, N.Y., Aug. 11 – Morgan Stanley Finance LLC priced $1.25 million of contingent income autocallable securities due May 22, 2024 linked to Moderna, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if the underlying stock closes at or above its 60% coupon threshold on any quarterly observation date.
After six months, if underlying stock closes at or above its initial price on any of the quarterly determination dates, the securities will be redeemed at par plus the contingent payment.
If the underlying stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.
Otherwise, investors will be fully exposed to any losses.
The agent is Morgan Stanley & Co. LLC.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income auto-callable securities
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Underlying index: | Moderna, Inc.
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Amount: | $1,249,000
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Maturity: | May 22, 2024
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Coupon: | 12% annualized, payable quarterly if the stock closes at or above coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise, full exposure to any losses
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Call: | At par plus contingent payment if underlying stock closes at or above initial share price on any determination date after six months
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Initial share price: | $160.43
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Threshold level: | $96.258; 60% of initial price
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Pricing date: | May 17
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Settlement date: | May 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.5%
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Cusip: | 61771VK33
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