By Wendy Van Sickle
Columbus, Ohio, July 2 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due May 24, 2024 linked to Zillow Group, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The securities will pay a contingent coupon of 12.5% annually, paid monthly if the underlying stock closes at or above the 60% downside threshold on any monthly observation date.
If underlying stock closes at or above its initial price on any of the monthly determination dates after three months, the securities will be redeemed at par plus the contingent payment.
If the underlying stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will be fully exposed to any losses.
The agent is Morgan Stanley Finance Co. LLC.
| 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 stock: | Zillow Group, Inc.
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| Amount: | $1 million
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| Maturity: | May 24, 2024
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| Coupon: | 12.5% annually, paid monthly if underlying stock closes at or above downside threshold level on determination date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise, full exposure to any losses
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| Call: | At par plus contingent payment if underlying stock closes at or above initial share price on any monthly determination date after three months
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| Initial share price: | $109.83
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| Downside threshold level: | $65.898, 60% of initial price
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Agent: | Morgan Stanley Finance Co. LLC
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| Fees: | 3.25%
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| Cusip: | 61771VN89
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