Morgan Stanley to price contingent income CDs linked to five stocks

By Marisa Wong

Morgantown, W.Va., May 14 – Morgan Stanley Bank, NA plans to price market-linked certificates of deposit due May 30, 2023 linked to the worst performing of the common stocks of Apple Inc., Home Depot, Inc., Exxon Mobil Corp., Philip Morris International Inc. and Target Corp., according to a term sheet.

If each stock closes at or above its initial share price on any annual determination date, the CDs will pay a coupon of 6.5% to 8.5% for that year. If any stock closes below its initial price on an annual determination date, the CDs will pay a coupon of 1% for that year. The exact higher coupon rate will be set at pricing.

The payout at maturity will be par plus the final coupon payment.

Morgan Stanley & Co. LLC is the agent. Incapital LLC is distributor.

The CDs will price May 24.

The Cusip number is 61765QGH6.

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