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Morgan Stanley plans worst-of autocallable RevCons on four stocks
By Sarah Lizee
Olympia, Wash., March 13 – Morgan Stanley Finance LLC plans to price 10.08% worst-of fixed-coupon autocallable RevCons due Sept. 22, 2021 linked to the worst performing of the shares of Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be guaranteed by Morgan Stanley.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a quarterly redemption date, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
The notes will price on March 17.
The Cusip number is 61770FTR7.
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