By Wendy Van Sickle
Columbus, Ohio, July 2 – Morgan Stanley Finance LLC priced $1 million of contingent income buffered autocallable securities due June 30, 2025 linked to the lesser performing of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each month, the notes will pay a contingent coupon at the rate of 8.75% per year if each underlier closes at or above its coupon barrier, 75% of its initial level, on the determination date for that month.
After one year, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless either underlier finishes below its 75% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 25%.
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 buffered autocallable securities
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| Underliers: | iShares Silver Trust and VanEck Vectors Gold Miners ETF
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| Amount: | $1 million
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| Maturity: | June 30, 2025
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| Coupon: | 8.75% per year, payable each month that each underlier closes at or above coupon barrier on determination date for that month
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 25%
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| Call: | After one year, automatically at par if each underlier closes at or above initial price on any quarterly determination date
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| Initial prices: | $16.59 for silver fund, $34.96 for gold fund
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| Coupon barrier/buffer levels: | $12.443 for silver fund, $26.22 for gold fund; 75% of initial prices
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 4.25%
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| Cusip: | 61771BJK1
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