Morgan Stanley plans contingent income autocallables on four stocks

By Sarah Lizee

Olympia, Wash., March 12 – Morgan Stanley Finance LLC plans to price contingent income autocallable securities due March 27, 2023 linked to the worst performing of the common stocks of MPLX LP, Enterprise Products Partners LP, Energy Transfer LP and Plains All American Pipeline, LP, according to an FWP filing 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 14% if each stock closes at or above its 65% coupon threshold on the determination date for that quarter.

Starting Sept. 26, the notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly determination date.

The payout at maturity will be par unless any stock finishes below its 50% downside threshold, in which case investors will be fully exposed to the losses of the worst performing stock.

Morgan Stanley & Co. LLC is the agent.

The notes will price on March 22.

The Cusip number is 61768D2V6.

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