By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Morgan Stanley Finance LLC priced $1.1 million of 12% worst-of fixed coupon autocallable RevCons due Nov. 8, 2024 linked to the worst performing of the shares of Exxon Mobil Corp., Citigroup Inc. and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly.
If each asset closes at or above its redemption threshold level on a quarterly determination date after six months, the notes will be automatically called at par plus the fixed coupon. The redemption threshold starts at 90% of the initial level of each asset and steps down by 5% each determination date.
If each asset finishes at or above the 50% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing asset.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying assets: | Exxon Mobil Corp., Citigroup Inc., VanEck Vectors Junior Gold Miners ETF
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| Amount: | $1.1 million
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| Maturity: | Nov. 8, 2024
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| Coupon: | 12%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing asset from its initial share price
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| Call: | Automatically at par plus the fixed coupon if each asset closes at or above its redemption threshold level on any quarterly review date after six months
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| Redemption threshold: | Starts at 90% of the initial level of each asset and steps down by 5% each determination date
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| Initial share prices: | $111.91 for Exxon Mobil, $46.22 for Citigroup, $30.41 for ETF
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| Downside thresholds: | $55.955 for Exxon Mobil, $23.11 for Citigroup, $15.205 for ETF; 50% of initial levels
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 8
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61774HJ90
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