By Sarah Lizee
Olympia, Wash., Nov. 15 – Morgan Stanley Finance LLC priced $778,000 of contingent income buffered autocallable securities due Nov. 12, 2021 linked to the lesser performing of the Euro Stoxx 50 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 quarter, the notes will pay a contingent coupon at the rate of 5.15% per year if each underlier closes at or above its coupon barrier, 80% of its initial level, on the determination date for that quarter.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either underlier finishes below its 80% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income buffered autocallable securities
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| Underliers: | Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF
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| Amount: | $778,000
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| Maturity: | Nov. 12, 2021
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| Coupon: | 5.15% per year, payable each quarter that each underlier closes at or above buffer level on determination date for that quarter
|
| 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: | After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date
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| Initial levels: | 3,706.68 for index and $44.08 for ETF
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| Coupon barrier: | 2,965.344 for index and $35.264 for ETF; 80% of initial levels
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| Buffer levels: | 2,965.344 for index and $35.264 for ETF; 80% of initial levels
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 13
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 61769HQ40
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