By Wendy Van Sickle
Columbus, Ohio, March 6 – Morgan Stanley Finance LLC priced $1.85 million of contingent income buffered autocallable securities due March 4, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the United States Oil Fund, LP, 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 7.05% per year if each underlier closes at or above its coupon barrier, 75% of its initial level, on the determination date for that period.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any determination date.
The payout at maturity will be par unless either underlier finishes below its 75% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 15%.
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: | SPDR S&P Oil & Gas Exploration & Production ETF and United States Oil Fund, LP
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| Amount: | $1.85 million
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| Maturity: | March 4, 2021
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| Coupon: | 7.05% per year, payable monthly if each underlier closes at or above coupon barrier level on determination date
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| Price: | Par
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| 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 15%
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| Call: | After six months, automatically at par if each underlier closes at or above initial level on any determination date
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| Initial levels: | $29.78 for SPDR S&P Oil & Gas and $11.95 for United States Oil
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| Coupon barriers: | $22.335 for SPDR S&P Oil & Gas and $8.963 for United States Oil; 75% of initial levels
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| Buffer levels: | $22.335 for SPDR S&P Oil & Gas and $8.963 for United States Oil; 75% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.75%
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| Cusip: | 61768DT21
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