By William Gullotti
Buffalo, N.Y., Nov. 29 – Morgan Stanley Finance LLC priced $1.5 million of contingent income autocallable securities due Nov. 29, 2024 linked to the performance of West Texas Intermediate Light Sweet Crude Oil Futures Contracts and Brent Crude Oil Futures Contracts, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if each underlying commodity closes at or above its 60% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each commodity closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par plus the coupon unless any commodity finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Issue: | Contingent income autocallable securities
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| Guarantor: | Morgan Stanley
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| Underlying commodities: | West Texas Intermediate Light Sweet Crude Oil Futures Contracts and Brent Crude Oil Futures Contracts
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| Amount: | $1.5 million
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| Maturity: | Nov. 29, 2024
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| Coupon: | 13% annualized, payable quarterly if each commodity closes at or above coupon barrier on relevant review date
|
| Price: | Par of $10
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| Payout at maturity: | If each commodity finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing commodity from initial level
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| Call: | At par plus coupon if each commodity closes at or above its initial level on any quarterly call date after six months
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| Initial levels: | $77.10 for WTI, $81.96 for Brent
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| Coupon barrier levels: | $46.26 for WTI, $49.176 for Brent; 60% of initial levels
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| Downside thresholds: | $46.26 for WTI, $49.176 for Brent; 60% of initial levels
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.2%
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| Cusip: | 61774FCU4
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