By Wendy Van Sickle
Columbus, Ohio, May 27 – Morgan Stanley Finance LLC priced $10 million of 0% review notes due May 25, 2023 linked to the least performing of the American Depositary Shares of GlaxoSmithKline plc and the common stocks of Johnson & Johnson and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 11.6% if each stock closes at or above its applicable call level on any annual review date. The call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level.
If the notes are not called, investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Review notes
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Underlying stocks: | GlaxoSmithKline plc, Johnson & Johnson and Pfizer Inc.
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Amount: | $10 million
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Maturity: | May 25, 2023
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 11.6% per year if each stock closes at or above call level on annual review date; call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level
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Payout at maturity: | If not called 1% loss for each 1% decline of worst performing stock
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Initial levels: | $41.31 for GlaxoSmithKline, $147.68 for Johnson & Johnson, $37.63 for Pfizer
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Trigger levels: | 60% of initial levels
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Pricing date: | May 21
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Settlement date: | May 26
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Agents: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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Fees: | 0.55%
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Cusip: | 61771BFZ2
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