By Kiku Steinfeld
Chicago, March 4 – Morgan Stanley Finance LLC priced $1 million of 8.76% fixed-coupon autocallable securities due Feb. 28, 2023 linked to the American depository shares of Teva Pharmaceutical Industries Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
After six months, the notes will be called at par if the stock closes at or above its initial level on any monthly determination date other than the final one.
If the stock’s final level is at least 60% of its initial level, the payout at maturity will be par plus the coupon.
If the stock finishes below 60%, investors will be fully exposed to the decline.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Fixed-coupon autocallable securities
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| Underlying stock: | Teva Pharmaceutical Industries Ltd.
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| Amount: | $1,000,000
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| Maturity: | Feb. 28, 2023
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| Coupon: | 8.76%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below its 60% downside threshold level, in which case full exposure to decline
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| Call: | After six months, automatically at par plus coupon if stock closes at above its initial level on any monthly determination date other than final one
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| Initial level: | $13.02
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| Downside threshold: | $7.812, 60% of initial price
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 61770FNA0
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