By Sarah Lizee
Olympia, Wash., Dec. 5 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due Nov. 28, 2022 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if each underlier closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
After six months, the notes will be automatically called at par plus the coupon if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any coupon due unless either underlier finishes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 25%.
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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| Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $250,000
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| Maturity: | Nov. 28, 2022
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| Coupon: | 10% per year, payable quarterly if each underlier closes at or above coupon barrier level on quarterly determination date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 30%
|
| Call: | After six months, automatically at par plus coupon if each underlier closes at or above initial level on any quarterly determination date
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| Initial levels: | $21.05 for Oil & Gas, $26.76 for Gold
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| Coupon barrier levels: | $15.788 for Oil & Gas, $20.07 for Gold; 75% of initial levels
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| Buffer levels: | $15.788 for Oil & Gas, $20.07 for Gold; 75% of initial levels
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 27
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.6%
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| Cusip: | 61769HH99
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