By Wendy Van Sickle
Columbus, Ohio, March 31 – Morgan Stanley Finance LLC priced $9.63 million of trigger autocallable contingent yield notes due March 27, 2026 linked to the shares of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at the rate of 13.26% per year if the stock close at or above the coupon barrier, 51% of the initial share price, on the corresponding observation date.
The notes will be automatically called at par plus coupon if the stock close at or above the initial share price on any quarterly observation date after six months.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, 51% of the initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Valero Energy Corp.
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| Amount: | $9,628,500
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| Maturity: | March 27, 2026
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| Contingent coupon: | 13.26% annual rate, payable quarterly if stock closes at or above coupon barrier level on related observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final coupon unless stock finishes below downside threshold level, in which case 1% loss for each 1% decline from initial price
|
| Call: | Automatically at par plus coupon if stock closes at or above initial level on any quarterly observation date after six months
|
| Initial price: | $129.26
|
| Coupon barrier/threshold level: | $65.92; 51% of initial price
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| Pricing date: | March 24
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| Settlement date: | March 29
|
| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61774W139
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