Morgan Stanley plans high, low contingent income CDs on five stocks

By Susanna Moon

Chicago, Jan. 24 – Morgan Stanley Finance LLC plans to price market-linked contingent income certificates of deposit due Jan. 31, 2024 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.

The notes will pay an annual coupon of 11% to 13% if each underlying stock closes at or above its initial level on the determination date for that year. Otherwise, the rate will be 1% for that year.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will price on Jan. 28.

The Cusip number is 61765QMR7.

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