By Angela McDaniels
Tacoma, Wash., Nov. 20 – Morgan Stanley Finance LLC priced $9.36 million of contingent income buffered autocallable securities due Nov. 19, 2021 linked to the lesser performing of the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 7% per year if each underlier closes at or above its buffer level, 77% of its initial level, on the determination date for that month.
Beginning Nov. 16, 2018, the notes will be automatically called at par if each underlier closes at or above its initial level on any monthly determination date.
The payout at maturity will be par unless either underlier finishes below its buffer level, in which case investors will lose 1.2987% for every 1% that the lesser-performing underlier declines beyond 23%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underliers: | Russell 2000 index and iShares MSCI EAFE ETF
|
| Amount: | $9,358,000
|
| Maturity: | Nov. 19, 2021
|
| Coupon: | 7% per year, payable monthly if each underlier closes at or above buffer level on determination date for that month.
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1.2987% loss for every 1% that lesser-performing underlier declines beyond 23%
|
| Call: | Beginning Nov. 16, 2018, automatically at par if each underlier closes at or above initial level on any monthly determination date
|
| Initial levels: | 1,486.881 for index and $69.16 for ETF
|
| Buffer levels: | 1,144.898 for index and $53.253 for ETF; 77% of initial levels
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 21
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.1%
|
| Cusip: | 61768CUJ4
|
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