By Wendy Van Sickle
Columbus, Ohio, March 12 – Morgan Stanley Finance LLC priced $3 million of 0% jump securities with autocallable feature due Sept. 10, 2020 linked to the lesser performing of the West Texas Intermediate Light Sweet Crude Oil Futures Contracts and Brent Crude Oil Futures Contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 13% per year if each asset closes at or above its initial level on any monthly determination date after three months.
If the final level of each asset is greater than or equal to its initial level, the payout at maturity will be par plus 6.5%.
If the final level of either asset is less than its call threshold level but the final level of each asset is greater than or equal to its downside threshold, 75% of its initial level, the payout will be par.
If the final level of either asset is less than its downside threshold, investors will lose 1% for every 1% that the lesser-performing asset declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Jump securities with autocallable feature
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| Underlying assets: | West Texas Intermediate Light Sweet Crude Oil Futures Contracts and Brent Crude Oil Futures Contracts
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| Amount: | $3 million
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| Maturity: | Sept. 10, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each asset is greater than or equal to its initial level, par plus 6.5%; if final level of either asset is less than its call threshold level but final level of each asset is greater than or equal to its downside threshold, par; otherwise, 1% loss for every 1% decline of lesser-performing asset
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| Call: | Automatically at par plus 13% per year if each asset closes at or above initial threshold level on any monthly determination date after three months
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| Initial levels: | $45.40 for West Texas, $50.66 for Brent
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| Downside threshold levels: | $34.05 for West Texas, $37.995 for Brent; 75% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61766YET4
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