By Kiku Steinfeld
Chicago, Jan. 21 – Morgan Stanley Finance LLC priced $1.36 million of contingent income autocallable securities due Jan. 20, 2022 linked to the worst performing of the common stocks of Apple Inc., Tesla, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Each quarter, the notes will pay a contingent coupon at an annual rate of 33% if each stock closes at or above its downside threshold, 60% of its initial level, on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly review date.
The payout at maturity will be par plus the final contingent coupon unless any stock finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| 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 stocks: | Apple Inc., Tesla, Inc. and Visa Inc.
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| Amount: | $1,364,000
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| Maturity: | Jan. 20, 2022
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| Coupon: | 33% per year, payable each quarter that each stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, full exposure to decline of worst performer
|
| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly review date
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| Initial share prices: | $130.89 for Apple, $854.41 for Tesla, $209.35 for Visa
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| Downside thresholds: | $78.534 for Apple, $512.646 for Tesla, $125.61 for Visa; 60% of initial share prices
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| Pricing date: | Jan. 14
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| Settlement date: | Jan. 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.2%
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| Cusip: | 61771EJ33
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