By Sarah Lizee
Olympia, Wash., July 21 – Morgan Stanley Finance LLC priced $1.63 million of trigger autocallable contingent yield notes due July 21, 2022 linked to the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 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 10.6% if the ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if the ETF closes at or above its initial level on any observation date beginning Jan. 19, 2021.
The payout at maturity will be par plus any coupon unless the ETF finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline from its initial level.
Morgan Stanley & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETF: | SPDR S&P MidCap 400 ETF Trust
|
| Amount: | $1,625,000
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| Maturity: | July 21, 2022
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| Coupon: | 10.6%, payable quarterly if ETF closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if the ETF closes at or above initial level on any observation date after Jan. 19, 2021
|
| Payout at maturity: | Par plus any coupon unless ETF closes below downside threshold level, in which case 1% loss for each 1% decline from initial level
|
| Initial level: | $334.59
|
| Coupon barrier: | $234.21, 70% of initial level
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| Downside threshold: | $234.21, 70% of initial level
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agents: | Morgan Stanley & Co. LLC and UBS Financial Services Inc.
|
| Fees: | None
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| Cusip: | 61771C656
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