By Kiku Steinfeld
Chicago, July 5 – Morgan Stanley Finance LLC priced $800,000 of contingent income autocallable securities due Nov. 21, 2024 linked to International Business Machines Corp. and Walt Disney Co. common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.5%, paid quarterly, if each underlying stock closes at or above its 67% downside threshold on the related quarterly observation date.
The securities will be called automatically starting May 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date.
At maturity the payout will be par unless the worst performing stock closes below its 67% downside threshold, in which case investors will be fully exposed to the decline of the worst performing stock.
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: | Contingent income autocallable securities
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| Underlying stocks: | International Business Machines Corp. and Walt Disney Co.
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| Amount: | $800,000
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| Maturity: | Nov. 21, 2024
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| Coupon: | 7.5%, paid quarterly, if each underlying stock closes at or above its 67% downside threshold on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its downside threshold level, in which case investors will be fully exposed to the decline in the worst performing underlying stock
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| Call: | Automatically starting May 2022 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly call determination date
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| Initial levels: | $155.58 for Walt Disney, $116.66 for IBM
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| Downside thresholds: | $104.239 for Walt Disney, $78.162 for IBM, 67% of initial levels
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| Pricing date: | Nov. 18, 2021
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| Settlement date: | Nov. 23, 2021
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.35%
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| Cusip: | 61773HHS1
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