By Taylor Fox
New York, Aug. 30 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Feb. 28, 2024 linked to the lesser performing of the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 7% per year if each underlier closes at or above its coupon barrier, 85% of its initial level, on the determination date for that month.
The notes will be automatically called at par if each underlier closes at or above its initial level on any monthly determination date after one year.
The payout at maturity will be par unless either underlier finishes below its 85% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 15%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underliers: | Russell 2000 index and iShares MSCI Emerging Markets ETF
|
| Amount: | $250,000
|
| Maturity: | Feb. 28, 2024
|
| Coupon: | 7% per year, payable each month that each underlier closes at or above barrier level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond buffer
|
| Call: | Automatically at par if each underlier closes at or above its initial level on any monthly determination date after one year
|
| Initial levels: | 2,231.314 for index and $56.09 for ETF
|
| Coupon barrier levels: | 1,896.617 for index and $47.677 for ETF; 85% of initial levels
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| Buffer levels: | 1,896.617 for index and $47.677 for ETF; 85% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61771ES25
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