By Wendy Van Sickle
Columbus, Ohio, July 18 – Morgan Stanley Finance LLC priced $12.39 million of contingent income autocallable securities due July 16, 2021 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
If Apple shares close at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8.25%.
The notes will be called at par of $10 plus the contingent coupon if Apple shares close at or above the initial share price on any of the first 11 quarterly determination dates.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Morgan Stanley & Co. LLC is the agent, with Morgan Stanley Wealth Management handling distribution.
| 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: | Apple Inc.
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| Amount: | $12,393,640
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| Maturity: | July 16, 2021
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| Coupon: | 8.25% annualized, payable each quarter if stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par
|
| Payout at maturity: | If stock finishes above downside threshold, par; otherwise, 1% loss for each 1% decline
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| Call: | At par plus contingent coupon if stock closes at or above initial share price on any of the first 11 determination dates
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| Initial share price: | $191.33
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| Downside threshold: | $153.064, 80% of initial price
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| Pricing date: | July 13
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| Settlement date: | July 18
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 61768R310
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