By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Morgan Stanley Finance LLC priced $6 million of contingent income autocallable securities due Dec. 29, 2023 tied to the stocks of Delta Air Lines, Inc., Marriott International, Inc. and Wynn Resorts, Ltd.., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 17.7% per year if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date that period.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly call determination date after one year.
If the lowest-performing stock finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus the final coupon. If the lowest-performing stock finishes below its downside threshold level, investors will be fully exposed to the decline of the lowest-performing stock from its initial level.
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: | Delta Air Lines, Inc., Marriott International, Inc. and Wynn Resorts, Ltd..
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| Amount: | $6 million
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| Maturity: | Dec. 29, 2023
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| Coupon: | 17.7% per year, payable quarterly if each stock closes at or above coupon barrier level on any observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
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| Call option: | At par if each stock closes at or above its initial level on any quarterly call determination date after one year
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| Initial levels: | $40.24 for Delta, $128.61 for Marriott and $115.30 for Wynn
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| Coupon barriers: | $24.144 for Delta, $77.166 for Marriott and $69.18 for Wynn; 60% of initial levels
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| Downside threshold levels: | $24.144 for Delta, $77.166 for Marriott and $69.18 for Wynn; 60% of initial levels
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| Pricing date: | Dec. 24
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| Settlement date: | Dec. 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61771EWG9
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