By Kiku Steinfeld
Chicago, Sept. 8 – Morgan Stanley Finance LLC priced $23.33 million of contingent income autocallable securities due Aug. 31, 2023 linked to the common stock of Tesla, Inc., 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 an annual rate of 23.75% if the stock closes at or above its 50% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial share price on any of the first eleven determination dates.
The payout at maturity will be par unless the stock finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Tesla, Inc.
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| Amount: | $23,332,670
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| Maturity: | Aug. 31, 2023
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| Coupon: | 23.75% annualized, payable quarterly if stock closes at or above downside threshold on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to losses
|
| Call: | At par if stock closes at or above initial share price any of the first eleven determination dates
|
| Initial share price: | $442.68
|
| Downside threshold: | $221.34, 50% of initial level
|
| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 61771D225
|
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