By William Gullotti
Buffalo, N.Y., Nov. 22 – Morgan Stanley Finance LLC priced $1.21 million of contingent income autocallable securities due Aug. 14, 2024 linked to the shares of Caterpillar Inc. and Deere & Co., according to a 424B2 filed 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 6.5% if each underlying stock closes at or above its 60% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par plus the final coupon unless any underlying stock finishes below its 60% 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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Issue: | Contingent income autocallable securities
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Guarantor: | Morgan Stanley
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Underlying stocks: | Caterpillar Inc., Deere & Co.
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Amount: | $1.21 million
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Maturity: | Aug. 14, 2024
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Coupon: | 6.5% annualized, payable quarterly if each stock closes at or above coupon barrier on relevant review date
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Price: | Par of $10
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Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
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Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date after six months
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Initial levels: | $208.89 for Caterpillar, $369.32 for Deere
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Coupon barrier levels: | $125.334 for Caterpillar, $221.592 for Deere; 60% of initial levels
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Downside thresholds: | $125.334 for Caterpillar, $221.592 for Deere; 60% of initial levels
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Pricing date: | Aug. 9
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Settlement date: | Aug. 12
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2.25%
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Cusip: | 61773FQD8
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