By Sarah Lizee
Olympia, Wash., July 15 – Morgan Stanley Finance LLC priced $33.16 million of contingent income autocallable securities due July 13, 2023 linked to Bank of America Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.8% if the stock closes at or above the 60% coupon barrier on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly determination date other than the final one.
The payout at maturity will be par unless the stock finishes below its downside threshold, 60% of initial level, in which case investors will be fully exposure to any losses.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Bank of America Corp.
|
| Amount: | $33,157,150
|
| Maturity: | July 13, 2023
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| Coupon: | 11.8% annualized, payable quarterly if stock closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is at or above downside threshold, par; otherwise, lose 1% for each 1% decline
|
| Call: | At par plus contingent coupon if stock closes at or above initial share price on any quarterly determination date other than the final one
|
| Initial share price: | $24.02
|
| Coupon barrier: | $14.412, 60% of initial level
|
| Downside threshold: | $14.412, 60% of initial level
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| Pricing date: | July 10
|
| Settlement date: | July 15
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 61771C524
|
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