New York, Aug. 8 – Morgan Stanley Finance LLC priced $1.28 million of callable contingent income securities due Aug. 1, 2024 linked to iShares MSCI Emerging Markets ETF, iShares Russell 2000 ETF and Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive an annualized coupon of 11%, paid quarterly, if each underlying fund closes at or above its 50% downside threshold on the related quarterly observation date.
The securities may be called starting Nov. 3 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing fund closes below its 50% downside threshold in which case investors will be fully exposed to the decline of the worst performing fund.
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: | Callable contingent income securities
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Underlying ETFs: | iShares MSCI Emerging Markets ETF, iShares Russell 2000 ETF and Energy Select Sector SPDR Fund
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Amount: | $1,276,000
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Maturity: | Aug. 1, 2024
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Coupon: | 11%, paid quarterly, if each underlying fund closes at or above its 50% downside threshold on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing fund closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying fund
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Call: | Starting Nov. 3 at par on any quarterly call date
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Initial levels: | $39.96 for iShares MSCI Emerging Markets ETF, $187.25 for iShares Russell 2000 ETF, $78.42 for Energy Select Sector SPDR Fund
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Downside thresholds: | $19.98 for iShares MSCI Emerging Markets ETF, $93.625 for iShares Russell 2000 ETF, $39.21 for Energy Select Sector SPDR Fund, 50% of initial levels
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Pricing date: | July 29
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Settlement date: | Aug. 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.75%
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Cusip: | 61774DW45
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