Morgan Stanley plans contingent income buffered autocalls on gold ETF

By Emma Trincal

New York, Sept. 30 – Morgan Stanley Finance LLC plans to price contingent income buffered autocallable securities due Nov. 3, 2021 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to an FWP 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 7.5% to 9.5% per year if the underlier closes at or above its coupon barrier level, 85% of its initial level, on the determination date for that quarter. The exact contingent coupon rate will be determined at pricing.

The notes will be automatically called at par plus the coupon if the 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 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.

The notes will price on Oct. 27 and settle on Oct. 30.

The Cusip number is 61771EAS7.

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