By Taylor Fox
New York, Sept. 1 – Morgan Stanley Finance LLC priced $754,000 of contingent income buffered autocallable securities due Feb. 28, 2023 linked to the worst performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at the rate of 11.5% per year if the lowest performing underlier closes at or above its coupon barrier level, 85% of its initial level, on the determination date for that period.
The notes will be automatically called at par plus the coupon if the lowest performing underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the coupon unless the lowest performing underlier finishes below its buffer level, 85% of its initial level, in which case investors will lose 1% for every 1% that the underlier declines beyond 15%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
|
| Amount: | $754,000
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | 11.5% per year, payable quarterly if each underlier closes at or above coupon barrier level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon unless the lowest performing fund closes below buffer level, in which case 1% loss for every 1% that the lowest performing underlier declines beyond buffer
|
| Call: | Automatically at par plus the coupon if each underlier closes at or above initial level on any quarterly determination date
|
| Initial levels: | $25.71 for Silver and $33.44 for Gold
|
| Coupon barrier levels: | $21.854 for Silver and $28.424 for Gold; 85% of initial level
|
| Buffer levels: | $21.854 for Silver and $28.424 for Gold; 85% of initial level
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 2.75%
|
| Cusip: | 61771ES33
|
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