By Sarah Lizee
Olympia, Wash., March 29 – Morgan Stanley Finance LLC priced $905,000 of contingent income buffered autocallable securities due Oct. 1, 2020 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the Market Vectors Gold Miners exchange-traded fund, 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 10% per year if each underlier closes at or above its coupon barrier, 85% of its initial level, on the determination date for that period, as well as any previously unpaid coupon.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any determination date.
The payout at maturity will be par unless either underlier finishes below its 85% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing 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
|
| Underliers: | SPDR S&P Oil & Gas Exploration & Production ETF and Market Vectors Gold Miners ETF
|
| Amount: | $905,000
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 10% per year, payable monthly if each underlier closes at or above coupon barrier level on determination date, as well as any previously unpaid coupon
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 15%
|
| Call: | After six months, automatically at par if each underlier closes at or above initial level on any determination date
|
| Initial levels: | $30.70 for oil and gas ETF and $23.35 for gold ETF
|
| Coupon barriers: | $26.095 for oil and gas ETF and $19.848 for gold ETF; 85% of initial levels
|
| Buffer levels: | $26.095 for oil and gas ETF and $19.848 for gold ETF; 85% of initial levels Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61768DY90
|
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