By Sarah Lizee
Olympia, Wash., Feb. 21 – Morgan Stanley Finance LLC priced $3.3 million of contingent income autocallable securities due Feb. 17, 2023 linked to the worst performing of the common stocks of Bristol-Myers Squibb Co., Amgen Inc. and Medtronic plc, 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 11.83% if each stock closes at or above its coupon barrier, 65% of its initial level, on the determination date for that period.
After six months, the notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any stock finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
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: | Bristol-Myers Squibb Co., Amgen Inc. and Medtronic plc
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Amount: | $3.3 million
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Maturity: | Feb. 17, 2023
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Coupon: | 11.83% per year, payable each quarter that each stock closes at or above coupon barrier on determination date for that period
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Price: | Par
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Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
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Call: | After six months, the notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date
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Initial share prices: | $66.38 for Bristol-Myers, $223.48 for Amgen, $117.33 for Medtronic
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Coupon barriers: | $43.147 for Bristol-Myers, $145.262 for Amgen, $76.265 for Medtronic; 65% of initial share prices
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Downside thresholds: | $43.147 for Bristol-Myers, $145.262 for Amgen, $76.265 for Medtronic; 65% of initial share prices
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Pricing date: | Feb. 14
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Settlement date: | Feb. 20
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.35%
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Cusip: | 61770FLL8
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